FinCEN Urges Financial Institutions to Report Suspicious Activity Tied to Crypto 'Pig Butchering' Scams
The Financial Crimes Enforcement Network (FinCEN) has issued an alert urging financial institutions to report suspicious activity related to cryptocurrency scams, particularly so-called 'pig butchering' romance fraud schemes. The FBI estimates that Americans have lost at least $2.6 billion to crypto scams, with losses from romantic crypto scams reaching $429 million in 2021 alone.
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FinCEN Urges Financial Institutions to Report Suspicious Activity Tied to Crypto 'Pig Butchering' Scams
The Financial Crimes Enforcement Network (FinCEN) has issued an alert urging financial institutions to report suspicious activity related to cryptocurrency scams, particularly so-called 'pig butchering' romance fraud schemes. The FBI estimates that Americans have lost at least $2.6 billion to crypto scams, with losses from romantic crypto scams reaching $429 million in 2021 alone.