Washington: The US Treasury Department revealed Wednesday that financial institutions have identified approximately $17.5 billion in suspicious financial activity potentially linked to health care fraud.

According to Anadolu Agency, the Treasury Department's Financial Crimes Enforcement Network (FinCEN) analyzed 5,702 Bank Secrecy Act reports filed between March 2025 and February 2026. The reports identified activity potentially connected to schemes involving Medicare, Medicaid, and private insurance.

Treasury Secretary Scott Bessent emphasized the importance of this identification, stating, 'By identifying and reporting this suspicious activity, financial institutions have given law enforcement critical insight into the illicit actors who deliberately exploit U.S. health care benefits programs.' Bessent added that the Treasury Department is committed to continuing collaboration with law enforcement agencies to disrupt fraud, protect Americans, and safeguard taxpayer-funded programs.

The analysis revealed that depository institutions accounted for about 89% of the reports and nearly 87% of the reported suspicious activity amounts. Home health care businesses represented the largest share of suspected fraudulent providers, appearing in 20% of health care fraud-related reports. Other sectors included hospice care, behavioral health and addiction treatment, medical equipment, and adult or child day care.

The Treasury Department noted that suspected fraud proceeds were sometimes used for personal expenses and luxury purchases or transferred overseas. It is collaborating with a White House task force led by Vice President JD Vance and is encouraging whistleblowers to report suspected fraud, money laundering, sanctions violations, and tax-law violations.