US Treasury wants banks to be better at filing file cyber scam reports after noting nearly $13 billion in losses since 2023
The US Treasury's FinCEN has warned banks to improve their reporting of cyber scams following nearly $13 billion in losses from September 2023 to December 2025. The agency highlighted that industrial-scale scam centers in Southeast Asia are responsible for these massive thefts, often using human trafficking and coercion. FinCEN provided a list of red flags for financial institutions to monitor, emphasizing that investment fraud is the most common method used by these organized crime rings.
- ▪US victims lost more than $7.2 billion to scams in 2025 alone, with total losses reaching nearly $13 billion between September 2023 and December 2025.
- ▪The criminal organizations are primarily located in Cambodia, Burma, and Laos, and often operate with the endorsement or direct operation of local corrupt officials.
- ▪FinCEN identified investment fraud as the most popular scam type, where perpetrators pose as romantic interests or financial advisors to coerce victims into crypto investments.
- ▪Victims are frequently trafficked to these centers, have their passports confiscated, and are forced to participate in online fraud under threat of violence.
- ▪Stolen funds are laundered through digital assets, mixers, shell firms, and Chinese underground banking networks.
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| Original publisher | TechRadar |
| Canonical URL | https://www.techradar.com/pro/security/us-treasury-wants-banks-to-be-better-at-filing-file-cyber-scam-reports-after-noting-nearly-usd13-billion-in-losses-since-2023 |
| Publication time | Fri, 11 Sep 2026 14:25:00 +0000 |
| Retrieval time | 2026-09-11T14:27:50.644Z |
| Last seen | 2026-09-11T14:27:50.644Z |
| Headline source | Publisher (no WeSearch rewrite) |
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| Cluster | 5ePboV7-ru-O · 1 stories |
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| Indexing | May the item be indexed (stored, ranked, made findable)? | Allowed |
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| AI summary | May WeSearch generate its own short summary of the article? | Limited |
| Retrieval / RAG | May the content be exposed for third-party retrieval-augmented generation? | Not asserted |
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| Commercial reuse | May the content be reused commercially? | Not permitted |
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Pro Security US Treasury wants banks to be better at filing file cyber scam reports after noting nearly $13 billion in losses since 2023 News By Sead Fadilpašić Published 11 September 2026 Banks need to get better at reporting issues When you purchase through links on our site, we may earn an affiliate commission. Here’s how it works. (Image credit: Shutterstock) Copy link Facebook X Whatsapp Reddit Pinterest Flipboard Threads Email Share this article 0 Join the conversation Follow us Add us as a preferred source on Google Newsletter Subscribe to our newsletter FinCEN warns US banks of industrial‑scale scam centers in Southeast Asia stealing billionsVictims coerced into crypto “investments,” later re‑scammed with fake recovery feesLaundered via digital assets, mixers, shell firms, and…
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