In 2016, financial institutions reported to FinCEN over 160 incidents of BEC targeting educational institutions where criminals attempted to steal over $50 million
The alert provides an overview
On July 16, 2019, the Financial Crimes Enforcement Network (FinCEN) issued an advisory 1 to update financial institutions on current trends in business email compromise (BEC) fraud schemes
Part II: The Suspicious Activity Report (SAR) Form
Just as alarming as the losses though was the dramatic increase in FinCEN related SAR Reports which indicat The Financial Crimes Enforcement Network (FinCEN) recently issued a Financial Trend Analysis on patterns and trends identified in Bank Secrecy Act (BSA) data relating to business email compromise (BEC) in the real estate sector in 2020 and 2021
information contained in Suspicious Activity Reports, or SARs) and is thus an
FinCEN further highlighted how criminals use BEC schemes to exploit vulnerable business processes in our July 16, 2019 Advisory on BEC fraud
Earlier this year in July, we held a FinCEN Exchange on business email compromise (BEC) fraud schemes
The task force is improving efforts across the government and with State and local partners to
S financial institutions and their customers since its 2016 advisory