FinCEN’s $12.7 Billion Crypto Scam Total Measures Activity, Not Losses

Between Sept. 8, 2023, and Dec. 31, 2025, institutions filed 33,904 Bank Secrecy Act reports that FinCEN linked to suspected investment scams involving digital assets. The filings described about $12.7 billion in financial activity, a measure of transactions flagged by institutions rather than money confirmed stolen from victims. The review included filings that used a term from FinCEN’s 2023 scam alert. It counted them by filing date, so some transactions may have taken place before the review period. The filing count does not establish the number of separate scams. The dollar total can include attempted and completed transactions, transfers between accounts, duplicate, inbound and outbound transactions, as well as amended filings and errors. It therefore cannot be treated as a loss total or a count of unique payments.

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