FinCEN Updates: FinCEN Warns of Fraud Schemes That Abuse Its Name, Insignia, and Authorities for Financial Gain

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FinCEN Warns of Fraud Schemes That Abuse Its Name, Insignia, and Authorities for Financial Gain

The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) issued an alert today to raise awareness of fraud schemes abusing FinCEN's name, insignia, and authorities for financial gain. These FinCEN-specific fraud schemes include scams that exploit beneficial ownership information reporting; misuse FinCEN's Money Services Business Registration tool; or involve the impersonation of, or misrepresent affiliation with, FinCEN and its employees.

The alert provides guidance to the public on how to identify and avoid these scams and provides typologies and red flag indicators to help financial institutions detect, prevent, and report potential suspicious activity to FinCEN. It also highlights to the public the importance of reporting these and similar scams to Treasury's Office of Inspector General, the Federal Trade Commission, and the Federal Bureau of Investigation's Internet Crime Complaint Center.

News Release: https://www.fincen.gov/news/news-releases/fincen-warns-fraud-schemes-abuse-its-name-insignia-and-authorities-financial

Alert: https://www.fincen.gov/sites/default/files/2024-12/Alert-FinCEN-Scams-FINAL508.pdf

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