Digital Asset Scams & Health Care Fraud

A couple of weeks ago we alerted you about FinCEN’s recent Financial Trend Analysis (FTA) on human smuggling. Since then, we’ve seen two more FTAs published; one on digital asset investment scams and one on health care fraud.

Digital Assets Investment Scams

This FTA focused on the patterns and trends associated with suspected digital asset investment scams reported within 33,904 SARs filed from September 8, 2023, through December 31, 2025. Approximately $12.7 billion in such activity was identified. A few takeaways included:

• 96% of these reports were filed by depository institutions and money service businesses (MSBs).
• Perpetrators often posed as romantic partners, new friends or business partners and utilized fake websites and mobile apps to carry out the scams.
• People of all ages in all 50 states and several U.S. territories were targeted. Older Americans did not appear to be at a higher risk than others.

Health Care Fraud

This FTA again focused on the patterns and trends associated with potential fraud in the health care space. It looked at 5,702 SARs filed between March 1, 2025, through February 28, 2026, and identified around $17.5 billion in related activity. A few takeaways included:

• Depository institutions filed around 89% of the applicable SARs and accounted for 87% of the total dollar amount involved.
• Perpetrators often targeted multiple health care programs and insurance providers on both state and federal levels.
• Subjects were located in all 50 states and several U.S. territories. Only 1.5% of the subjects had a foreign address.
• Home health care businesses were most commonly suspected of potential fraud (20%). Providers of hospice care, mental/behavioral health care, addiction treatment, medical equipment and daycares were also frequently reported.

Both FTAs provide an in-depth analysis of these two types of scams and fraud. We encourage you to give them a read and incorporate them, as applicable, into your AML/CFT Program and training efforts.

Published 2026/09/16