The Financial Crimes Enforcement Network issued an analysis on patterns and trends identified in Bank Secrecy Act data relating to business email compromise in the real estate sector in 2020 and 2021.
FinCEN reports on business email compromise in the real estate sector
April 03, 2023 / By ICBA
The Financial Crimes Enforcement Network issued an analysis on patterns and trends identified in Bank Secrecy Act data relating to business email compromise in the real estate sector in 2020 and 2021.
The Financial Crimes Enforcement Network issued an analysis on patterns and trends identified in Bank Secrecy Act data relating to business email compromise in the real estate sector in 2020 and 2021.
Details: Among its findings, the report said:
- The most common victims of impersonation were individuals and entities involved in the title and closing processes.
- Money mules were often involved in the movement of funds following these incidents.
- Nearly 88% of all incidents involved initial transfers of fraudulent funds to accounts at U.S. depository institutions.
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