July 16, 2020 / Source: FinCEN

Financial Crimes Enforcement Network Alerts Financial Institutions to Convertible Virtual Currency Scam Involving Twitter

Immediate Release

July 16, 2020

The Financial Crimes Enforcement Network (FinCEN) is emphasizing a high-profile scam exploiting Twitter accounts to solicit fraudulent payments denominated in convertible virtual currency (CVC). Cyber threat actors compromised the accounts of public figures, organizations, and financial institutions to solicit payments to CVC accounts, claiming that any CVC sent to a wallet address would be doubled and returned to the sender. It is critical that CVC exchanges and other financial institutions identify and report suspicious transactions associated with this type of activity as quickly as possible.

Read the alert here.

For financial red flag indicators of illicit CVC activity, please see: FinCEN Advisory on Illicit Activity Involving Convertible Virtual Currency.

For additional information on reporting cyber events, including on how to file Suspicious Activity Reports, please see: FinCEN Cyber Event FAQs.

The mission of the Financial Crimes Enforcement Network is to safeguard the financial system from illicit use, combat money laundering and its related crimes including terrorism, and promote national security through the strategic use of financial authorities and the collection, analysis, and dissemination of financial intelligence.

Financial Institution

Depository Institutions

Money Services Businesses