FinCEN Alerts Banks to Virtual Currency Scam Involving Twitter Accounts

The Financial Crimes Enforcement Network today warned financial institutions about a recent high-profile scam through which fraudsters exploit prominent Twitter accounts to solicit virtual currency payments from victims. This scam typically involves cyber threat actors compromising Twitter accounts of public figures, organizations and financial institutions and asking their targets to make payments to convertible virtual currency accounts, promising to double and return the funds to the sender after the payment is made.

FinCEN reminded institutions of several red flag indicators of this type of scam and directed them to report any suspected illicit activity to law enforcement.