09/10/2024

FinCEN Issues In-Depth Analysis of Check Fraud Related to Mail Theft

FinCEN

Financial Institutions Reported More Than $688 Million in Suspicious Activity in the Six Months Following FinCEN’s Alert on Mail Theft-Related Check Fraud

WASHINGTON—Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a Financial Trend Analysis (FTA) on mail theft-related check fraud incidents based on Bank Secrecy Act (BSA) data filed in the six months following FinCEN’s issuance of its 2023 alert on this same topic. During the review period, FinCEN received 15,417 BSA reports from 841 financial institutions on mail theft-related check fraud, amounting to more than $688 million in reported suspicious activity.

“Financial institutions responded to FinCEN’s alert on mail theft-related check fraud by providing BSA filings that are critical to curtailing this egregious fraud that is affecting communities across the United States,” said FinCEN Director Andrea Gacki. “FinCEN values its ongoing collaboration with the United States Postal Inspection Service (USPIS) to raise awareness of this criminal activity impacting innocent Americans across the country.”

“The U.S. Postal Inspection Service welcomes FinCEN’s latest FTA and continuing collaboration with FinCEN to identify the perpetrators of these crimes,” said Chief Postal Inspector Gary R. Barksdale. “The FTA demonstrates the severity of mail theft-related check fraud and why fraud is a high priority, while also highlighting the important role that financial institutions play in reporting information pursuant to the Bank Secrecy Act to assist in bringing fraudsters to justice. Suspicious Activity Reports are a valuable tool utilized by Postal Inspectors for not only targeting criminal networks and their illegally derived assets, but they also aid in the identification of victims. Postal Inspectors are committed to helping financial crime victims using all available resources and aim to ultimately make these victims whole through restitution.”