FinCEN Sounds $13bn Alarm as Scam Centres Storm Global Finance

The United States Financial Crimes Enforcement Network (FinCEN) has raised a fresh alarm over the rapid growth of international scam centres, revealing that suspected digital-asset investment scams generated nearly $13 billion in reported financial activity between September 2023 and December 2025.

 FinCEN said its analysis of 33,904 Bank Secrecy Act reports identified about $12.7 billion linked to suspected cryptocurrency investment scams.

 The scams, commonly known as “pig butchering”, typically involve criminals building fake romantic, friendship or business relationships with victims before persuading them to invest in fraudulent cryptocurrency platforms.

 Many of the operations are reportedly linked to transnational criminal groups operating from Southeast Asia, where large scam compounds have developed sophisticated systems for recruiting victims and laundering proceeds.

 FinCEN warned that criminals are using fake websites, mobile applications, shell companies, money mules and cryptocurrency transfers to disguise and move stolen funds.

 The agency said professional money-laundering networks can provide criminals with bank accounts and other financial infrastructure needed to transfer proceeds into the legitimate financial system.

 Stablecoins and overseas cryptocurrency exchanges are also being used to move funds across borders, creating additional challenges for financial institutions and law-enforcement agencies.

 FinCEN has urged banks and other financial institutions to strengthen transaction monitoring and identify suspicious activity associated with scam centres.

 The agency also encouraged institutions to share information under Section 314(b) of the USA PATRIOT Act to help expose links between seemingly unrelated transactions and criminal networks.

 The warning highlights the growing convergence of cyber fraud, cryptocurrency, social engineering and money laundering, making scam centres an increasingly serious threat to the global financial system.