Treasury warns banks after $13 billion lost to cyber scams
U.S. Treasury officials have urged banks to strengthen reporting of online scams, after a federal review found Americans lost nearly $13 billion to crypto investment fraud between September 2023 and December 2025. The scams are run by large criminal groups mainly in Southeast Asia, who use fake personas to convince victims nationwide to send money, often through digital assets or traditional banks. Losses affect a broad range of age groups.
- Losses from scams reached nearly $13 billion since September 2023
- Criminal groups operate largely from Southeast Asia
- Scams involve both crypto and traditional bank transfers
- Monthly scam reports rose nearly 11% over prior rates
- About a quarter of victims were over 60, but all ages affected
Sources covering this
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