US Treasury wants banks to be better at filing file cyber scam reports after noting nearly $13 billion in losses since…
- FinCEN warns US banks of industrial‑scale scam centers in Southeast Asia stealing billions
- Victims coerced into crypto “investments,” later re‑scammed with fake recovery fees
- Laundered via digital assets, mixers, shell firms, and Chinese underground banking networks
American financial institutions need to be more vigilant when it comes to identifying and preventing money scams, especially those perpetrated by industrial-scale scam centers in Southeast Asia.
This was the warning issued by the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) alongside a long list of red flags these institutions can monitor in order to stay safe.
Large, dangerous crime rings
The scams are not done by small groups of teenagers, tricking the elderly from the depths of their parents’ basement, but are often large, well-organized crime machines responsible for billions of dollars in damages, around the world, every year.
In 2025 alone, US victims lost more than $7.2 billion to...
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