● Covered by 1 source · 1 reportMedium impact1 neutral
Treasury Urges Banks to Report Cyber Scams After $13 Billion in Losses Since 2023
Key points
- FinCEN reported $12.7 billion lost to cyber scams from Sept 2023 to Dec 2025.
- Scams exploit emerging technologies and human vulnerabilities.
- Cryptocurrency firms identified $5.5 billion, traditional banks $6.4 billion in fraud.
- Adults over 60 accounted for 25% of victims, indicating broad impact.
FinCEN Alert on Rising Cyber Fraud
The Treasury Department's Financial Crimes Enforcement Network (FinCEN) issued an alert to the financial industry, accompanied by a comprehensive study on cyber fraud. This initiative urges financial institutions to enhance their efforts in identifying and reporting cyber scam activities, particularly those orchestrated by overseas criminal organizations.
The study analyzed over 33,000 cyber fraud incident reports filed between September 2023 and December 2025, revealing approximately $12.7 billion in losses from cryptocurrency investment scams across all U.S. states and territories.
Transnational Criminal Operations
Treasury Department official Gene Lange stated that transnational criminal organizations exploit both new technologies and human vulnerabilities, leading to significant financial losses for American victims. The report, based on submissions from around 1,300 financial institutions, builds on a 2023 Treasury alert concerning "pig butchering" scams.
FinCEN observed a monthly increase of nearly 11% in suspected scam activity reports, indicating the expansion of these schemes beyond traditional centers in Myanmar, Cambodia, and Laos.
Scam Modus Operandi and Victim Demographics
Scammers employ various personas, from romantic partners to financial advisors, to persuade victims into transferring funds via traditional bank transfers or cryptocurrency. The report noted that adults over 60 were not disproportionately targeted, representing about 25% of all reported victims, suggesting similar scam rates across different age demographics.
Financial Sector Reporting
Cryptocurrency firms reported approximately $5.5 billion in suspected scam activity. Traditional banks identified about $6.4 billion in potential fraud, often detecting schemes when customers sent funds to digital asset platforms or wired money to scam-affiliated beneficiaries, frequently referencing digital asset investments.
Some victims reportedly applied for loans and second mortgages as part of their involvement in these scams.
✨ This summary was generated by AI from the outlets' reporting listed below. It is not independently verified and may contain errors — check the original sources. How BrevFeed works →
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Reporting from
The U.S. Treasury Department's FinCEN released an alert and study detailing nearly $13 billion in cyber scam losses between September 2023 and December 2025, urging financial institutions to increase vigilance and reporting. The report highlights the increasing rate of transnational cyber fraud, including cryptocurrency investment scams, affecting all age groups.