On September 8, FinCEN issued a notice to financial institutions to help identify and report suspicious activity related to financially motivated sextortion, an online threat with financial and social consequences for victims. The notice explained how perpetrators using fake personas have coerced victims into sending explicit material, then threatened to release the material to family members unless payment was made. While many victims were over the age of 18, law enforcement reported that minors — especially boys between 14 and 17 — were increasingly targeted. The notice urged financial institutions to remain vigilant and follow specific reporting protocols under BSA/AML rules to help law enforcement identify and disrupt these schemes.
FinCEN highlighted how emerging technologies have exacerbated the problem, noting that the increased availability of generative AI tools enabled perpetrators to create realistic “deepfake” images using victims’ likenesses. The sale, production, or distribution of AI-generated child sexual abuse material was described as a form of online child sexual exploitation.
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