Treasury urges banks to file cyber scam reports, noting nearly $13 billion in losses since 2023
FinCEN urged banks to report cyber scams after a study found $12.7 billion stolen from US victims of crypto investment scams since 2023.
FinCEN analyzed more than 33,000 cyber fraud incident reports filed by roughly 1,300 financial institutions between September 2023 and December 2025, finding about $12.7 billion in losses to cryptocurrency investment scams across all 50 states. Traditional banks reported about $6.4 billion in suspected scam activity and crypto firms about $5.5 billion. Scam activity is growing, with monthly reports rising nearly 11% as centers expand beyond Myanmar, Cambodia, and Laos. The US later sanctioned Xinbi Guarantee, a Telegram-based marketplace used to launder over $36 billion.
- Victims span all age groups; adults over 60 account for about 25% of reports
- Scammers posed as romantic partners, financial advisers, and fake asset-recovery services
- Stolen funds are almost always exchanged for Tether (USDT)
- One older adult victim lost nearly $640,000 from her retirement fund
- Some victims took loans, second mortgages, or liquidated investment accounts to pay scammers
- ATT&CK
- T1656 Impersonation
- Vendors
- Tether
- Victims
- US consumers
From the original article
3 min read at therecord.mediaAs the cyber scam industry expands globally, the U. S. government wants banks to share more information about what's happening to their customers.
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