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regulatory
Treasury urges banks to file cyber scam reports, noting nearly $13 billion in losses since 2023
The U.S. Treasury is encouraging banks to file reports on cyber scams affecting customers as losses from such attacks have totaled nearly 13 billion dollars since 2023. The move reflects growing concerns about the scale of cyber scam activity worldwide and the need for better information sharing across the financial sector.
Why it matters: Banks and financial institutions must understand the Treasury's reporting expectations to ensure compliance and help detect emerging scam patterns that affect their customers and the broader financial system.
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- First seen by Cybersecurity Tracker