FinCEN Issues Advisory on Economic Impact Payment Fraud

The Financial Crimes Enforcement Network yesterday issued an advisory alerting banks to economic impact payment fraud. The advisory describes EIP fraud, associated red flags and how to report suspicious activity.

Authorities have detected a wide range of EIP-related fraud, according to the advisory, including fraudulent checks, theft of EIPs and phishing schemes using EIPs as a lure where fraudsters use emails, letters and phone calls about the payments to get personal information like account numbers and passwords.

FinCEN also issued a companion notice for filing suspicious activity reports related to COVID-19. The notice is part of a series released by FinCEN about COVID-19 related threats and includes key terms to use when filing SARs about pandemic-related activity. Read the advisoryRead the notice.

Share this post:

Comments on "FinCEN Issues Advisory on Economic Impact Payment Fraud"

Comments 0-5 of 0

Please login to comment