An in-depth look at how foreign scammers use US banks to facilitate large-scale transfers of funds stolen from victims of "pig butchering" scams overseas (Cezary Podkul/ProPublica)
167d ago
Technology
Techmeme

ProPublica's Cezary Podkul reports on the alarming trend of foreign scammers exploiting US banks to funnel billions of dollars obtained through 'pig butchering' scams. These scams, largely orchestrated by Asian crime syndicates, involve building trust with victims online before defrauding them of their savings. The investigation highlights the struggles US banks face in effectively monitoring and preventing these large-scale transfers, contributing to an estimated $44 billion in annual losses. The report underscores the need for stronger regulatory oversight and improved detection methods within the US banking system to combat this growing international fraud.