Washington: The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has identified approximately $12.7 billion in financial activity linked to suspected digital asset investment scams operated by overseas scam centers.
In an alert issued on September 3, 2026, FinCEN warned financial institutions to remain vigilant against sophisticated fraud schemes commonly known as “pig butchering,” romance baiting and cryptocurrency confidence scams.
FinCEN analysed 33,904 Bank Secrecy Act reports involving suspected digital asset investment scam activity filed between September 8, 2023, and December 31, 2025. The reports covered approximately $12.7 billion in financial activity linked to suspected scams.
According to the agency, victims across all 50 U.S. states and several U.S. territories were targeted. Fraudsters frequently use fake identities and pose as romantic partners, friends or business associates before persuading victims to invest in fraudulent digital asset platforms.
Scammers also create websites and mobile applications designed to imitate legitimate investment services, making it difficult for victims to identify the fraud.
FinCEN said many of these operations are run by transnational criminal organisations based in Southeast Asia. These groups operate large-scale scam compounds and rely on networks of criminal actors, money mules and professional money launderers to move illicit proceeds.
The agency also highlighted “guarantee marketplaces”, online networks where scam operators can purchase illicit services such as account creation, phishing and money laundering.
According to FinCEN, criminal proceeds are moved through shell companies, money-mule networks and stablecoin transfers to digital asset exchanges outside the United States.
FinCEN has issued red flags to help financial institutions identify and report suspicious activity connected to scam centers. It also encouraged financial institutions to share information under Section 314(b) of the USA PATRIOT Act to help detect and disrupt financial crime.
The agency urged victims of cyber-enabled fraud to immediately contact their financial institution and report the incident to the FBI’s Internet Crime Complaint Center (IC3) and/or the nearest U.S. Secret Service field office.
The alert is part of broader U.S. efforts to combat cybercrime, fraud and predatory schemes targeting American citizens.
