<ul data-eligibleForWebStory="true"><li>Asian crime syndicates conducted 'pig butchering' scams using major banks like Bank of America, Citibank, Chase, HSBC, and Wells Fargo.</li><li>The scam, generating $44 billion yearly, involves tricking victims into wiring funds to U.S. bank accounts, then converting to cryptocurrency and funneling the money overseas.</li><li>There is a thriving underground market for renting U.S. bank accounts, utilized as entry points in the money laundering chain.</li><li>Despite increased scrutiny, the American Bankers Association acknowledges the challenge of completely halting fraud, with scammers finding ways to exploit the financial system.</li></ul>

Major Banks Unwittingly Used in Billion-Dollar Global Scam Network

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