The Financial Crimes Enforcement Network said 42% of the Bank Secrecy Act reports filed in 2021 related to identity, indicating $212 billion in identity-related exploitations through various schemes.
FinCEN reports on Identity-Related Suspicious Activity
January 10, 2024 / By ICBA
The Financial Crimes Enforcement Network said 42% of the Bank Secrecy Act reports filed in 2021 related to identity, indicating $212 billion in identity-related exploitations through various schemes.
The Financial Crimes Enforcement Network said 42% of the Bank Secrecy Act reports filed in 2021 related to identity, indicating $212 billion in identity-related exploitations through various schemes.
Details: The FinCEN analysis explores how bad actors exploit identity-related processes and identifies 14 typologies commonly indicated in identity-related BSA reports. The most frequently reported were fraud, false records, identity theft, third-party money laundering, and circumvention of verification standards.
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