FinCEN Alert: “Pig Butchering” Scams and the Importance of Suspicious Activity Reporting for Financial Institutions
Financial institutions play a vital role in detecting and reporting suspicious activity that may be related to financial crimes. The Financial Crimes Enforcement Network (FinCEN) issued recent alert to highlight a prominent virtual currency investment scam known as “pig butchering.” The alert points to several red flags that financial institutions should look out for to detect suspicious activity related to this scam.