The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) released a comprehensive Financial Trend Analysis (FTA) on check fraud connected to mail theft, based on Bank Secrecy Act (BSA) data filed in the six months following FinCEN’s 2023 alert. During this period, FinCEN received 15,417 BSA reports from 841 financial institutions, indicating over $688 million in suspicious activity. The report highlights that 44% of stolen checks were altered and deposited, 26% were used to create counterfeit checks, and 20% were fraudulently signed and deposited. FinCEN’s collaboration with the U.S. Postal Inspection Service (USPIS) emphasizes the crucial role of financial institutions in reporting such frauds, which impacts all states and significantly affects personal and business finances. FinCEN urges continued vigilance and cooperation to combat these crimes and support victims through proper reporting and restitution efforts.
Read the report here: Financial Trend Analysis, August 2024 (fincen.gov)