US Treasury Urges Banks to Improve Cyber Scam Reporting After Nearly $13 Billion in Losses Since 2023

The report said the department's concern is with the reporting filed by financial institutions, and it cited the cumulative losses logged over the period beginning in 2023 as the backdrop to that pressure. TechRadar did not specify what form the Treasury's guidance takes, which filing requirements banks are being asked to meet, or whether any deadline has been set for changes.

The article as published did not include responses from individual banks, banking trade associations or the Treasury, and it did not identify which categories of cyber scam account for the largest share of the $13 billion figure. It carried a byline for Rahim Amir, a UAE-based technology writer who covers PC hardware and has also contributed to Game Rant and financial news websites.