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U.S. banks processed roughly $1.2 billion in ransomware payments in 2021, according to federal report


U.S. banks and financial institutions processed roughly $1.2 billion in likely ransomware payments in 2021, a new record and almost triple the amount of the previous year, according to a federal financial crimes watchdog.

The total represents payments bank clients have made to possible cybercriminals. U.S. banks report the suspicious transactions to federal authorities under the Bank Secrecy Act.

Over half the ransomware attacks are attributed to suspected Russian cyber hackers, according to a new report released Tuesday from the Treasury Department’s Financial Crimes Enforcement Network, or FinCEN, which analyzed the data.


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