The Financial Crimes Enforcement Network issued an alert to financial institutions on the nationwide surge in check fraud schemes targeting the U.S. Mail.
Alert Details: The FinCEN alert, issued with the U.S. Postal Inspection Service, provides an overview of a recent surge in mail theft-related check fraud, spotlights red flags to help financial institutions identify and report suspicious activity, and reviews Bank Secrecy Act reporting requirements.
Background: FinCEN said criminals have increasingly targeted the U.S. Mail since the COVID-19 pandemic to commit check fraud, with Suspicious Activity Reports on potential check fraud increasing 23% from 2020 to 2021 and nearly doubling last year from the year before.
Resources: ICBA’s Cyber and Data Security resource center offers additional tools to help community banks protect their institutions and customers.
