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09/10/2024
FinCEN Says Banks Reported $688 Million in Mail Theft-Related Check Fraud
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Mail theft-related check fraud amounted to more than $688 million in a recent six-month period.
So said the Financial Crimes Enforcement Network (FinCEN) in a Monday (Sept. 9) press release outlining its Financial Trend Analysis on mail theft-related check fraud incidents from February 2023 to August 2023.
During the period, FinCEN received reports of that type of fraud in 15,417 Bank Secrecy Act (BSA) reports from 841 financial institutions, according to the release.
“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,” FinCEN Director Andrea Gacki said in the release.
Chief Postal Inspector Gary R. Barksdale said in the release that FinCEN’s Financial Trend Analysis demonstrates the severity of mail theft-related check fraud and the importance of the role financial institutions play in reporting information that helps bring fraudsters to justice.
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