The Treasury Department reports that U.S. citizens have lost more than $16.6 billion in online investment scams in recent years.
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) and Financial Crimes Enforcement Network (FinCEN) announced coordination with the United Kingdom’s Foreign, Commonwealth, and Development Office to take action against cyber criminal networks that targeted the citizens of the U.S. and allied nations. Over $16.6 billion in losses have been estimated by the Treasury Department in recent years, with at least $10 billion lost to Southeast Asia scams in 2024 alone.
“The rapid rise of transnational fraud has cost American citizens billions of dollars, with life savings wiped out in minutes,” said Treasury Secretary Scott Bessent. “Treasury is taking action to protect Americans by cracking down on foreign scammers. Working in close coordination with federal law enforcement and international partners like the United Kingdom, Treasury will continue to lead efforts to safeguard Americans from predatory criminals.”
As the Lord Leads, Pray with Us…
- For discernment for Secretary Bessent and U.S. treasury officials as they seek to prevent international scammers from defrauding U.S. citizens.
- For members of the president’s administration to be prudent as they partner with allied nations on fraud prevention operations.
Sources: Department of the Treasury
