The numbers are large, but they need context. FinCEN reported about $12.7 billion in suspected activity linked to digital asset investment scams. That total comes from 33,904 Bank Secrecy Act reports filed between September 8, 2023, and December 31, 2025. Institutions filed these reports, so they cover attempts, unpaid transactions, amended records, and other activity, not just confirmed losses. The FBI separately put reported crypto losses at $11.37 billion in 2025, with about $7.2 billion tied to investment fraud.
Who is running these schemes?
FinCEN points to transnational criminal organizations in Southeast Asia. Many operate what it calls industrial-scale scam compounds. They create fake personas and use social engineering to build trust with American victims. Fraudulent websites and apps may imitate real services. They show fake gains and pressure people to add more money. Some of these operations buy phishing and money laundering services through guarantee marketplaces. They use shell companies, money mules, and accounts at exchanges outside the U.S. Most scam proceeds end up in stablecoins, largely USDT.
Law enforcement has started to push back
The Treasury alert comes as federal authorities pursue these networks through seizures, sanctions, and prosecutions. A strike force had already frozen or seized more than $580 million tied to Southeast Asian scam centers by March. In April, an international operation led to at least 276 arrests and nine dismantled centers. None of that stops the flow overnight, but it shows the infrastructure is getting attention.
What banks are being asked to do
FinCEN also wants financial institutions to do more. It asked banks to watch for transactions tied to money mules, shell companies, guarantee marketplaces, and professional laundering networks. It also encouraged voluntary information sharing under Section 314(b) of the USA Patriot Act. Institutions that file suspicious activity reports should include the key term FIN-2026-SCAMCENTERS.
For people on the receiving end of these pitches, warning signs haven’t changed much. Unsolicited messages, promises of high returns, requests to use unfamiliar platforms, and fees before withdrawals all point to trouble. FinCEN says victims should contact their bank or crypto platform immediately and report the incident to the FBI’s IC3 or the nearest Secret Service field office.
