Scott Bessent Deploys the Power of the Treasury to Stop Health Care Fraud: 'We Are All Hands on Deck'

This is why Secretary of the Treasury Scott Bessent may well go down as the greatest Treasury Secretary of our lifetimes. Unlike the majority who have served in this cabinet position, Bessent is neither a figurehead nor there to maintain the status quo. He's become the financier equivalent of the military: killing, breaking, and blowing things up.

In the latest move to blow up the rampant fraud, waste, and abuse in government programs, particularly by foreign actors, Bessent is empowering financial institutions to report any and all suspicious financial activity to the Financial Crimes Enforcement Network (FinCEN).

Today, in support of @POTUS’ pledge to combat fraud and in line with the anti-fraud task force being led by @VP, @FinCENnews issued an Advisory urging financial institutions to be vigilant about fraud schemes targeting government health care benefit programs. Separately today, FinCEN issued a proposed rule paving the way to pay whistleblowers for actionable tips.

FinCEN issued an Advisory to financial institutions asking them to be vigilant about fraud that is targeted toward Medicare and Medicaid. 

This follows Secretary of the Treasury Scott Bessent’s trip to Minnesota earlier this year, where he announced numerous steps that Treasury is implementing to detect and stop government benefits fraud across the country. Separately today, FinCEN issued a proposed rule paving the way to pay whistleblowers for actionable tips, further protecting the U.S. financial system from illicit activity.

 That could be what flips the script. The people I know who work in finance are often afraid to risk their job or potential retaliation because they made waves by reporting suspicious activity. So, a financial incentive could help soften that potential blow. 

“President Trump has been clear that Americans have a right to know that their tax dollars are not being used to commit fraud,” said Secretary of the Treasury Scott Bessent. “Under President Trump’s leadership, Treasury will continue to find and disrupt fraud schemes wherever they exist, and we will work with our law enforcement partners to hold perpetrators to account.”

FinCEN’s Advisory provides financial institutions with an overview of how fraudsters, organized crime groups, and increasingly, transnational criminal organizations (TCOs), are targeting government health care benefit programs. It also highlights money laundering typologies and red flag indicators to help financial institutions identify and report suspicious activity. Today’s Advisory strongly encourages financial institutions to voluntarily report suspicious activity to FinCEN and immediately notify law enforcement of such activity. 

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Bessent went on Monday morning's "Fox & Friends" to discuss this advisory and his partnership with the Fraud Task Force.

Bessent reported that in 2025, financial institutions filed 20 percent more SARS (Suspicious Activity Reports) than in 2024, after President Donald Trump made it clear he would work to combat fraud. But from the mountains of fraud being exposed in California and Minnesota alone, this is likely not even a drop in the bucket of the Medicare, Medicaid, and other forms of health care fraud and abuse that occur throughout all 50 states in the nation. 

In February, FinCEN launched a new "Office of the Whistleblower" website,

 

which is fully dedicated to those who wish to report fraud, money laundering, and sanctions violations confidentially. Whistleblowers are encouraged to start there. As Bessent said in the "Fox & Friends" interview, "This is money that is not going where it is supposed to go, but more importantly, it is being stolen from the American taxpayer.[...]"

If that 20 percent reporting goes up to even 50 percent, Bessent feels, "This could be hundreds of billions of dollars of recouped money. And again, the programs are supposed to go to those in need."

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