US Treasury shares tips on spotting money mule and imposter scams
The U.S. Financial Crimes Enforcement Network (FinCEN) today has issued a security alert designed to share potential indicators of imposter scams and money mule schemes with U.S. financial institutions.
FinCEN, which is a bureau of the U.S. Department of the Treasury, says that fraudsters are actively engaged in exploiting vulnerabilities created by the COVID-19 pandemic.
The advisory provides detailed descriptions of what imposter scams and money mule schemes are, a series of financial red-flag indicators that can be used for detecting them, and info needed by financial orgs to report such suspicious activity.
FinCEN’s mission is to combat money laundering and connected crimes including terrorism, and to safeguard national security by collecting, analyzing, and sharing financial intelligence with dozens of intelligence agencies including the DEA, the FBI, the IRS, and the U.S. Secret Service.
FinCEN’s list of financial red flag indicators to be used to detect imposter scams and money mule schemes is quite extensive and is included as part of the U.S. Treasury bureau’s “Advisory on Imposter Scams and Money Mule Schemes Related to Coronavirus Disease 2019 (COVID-19).”
“As no single financial red flag indicator is necessarily indicative of illicit or suspicious activity, financial institutions should consider additional contextual information and the surrounding facts and circumstances, such as a customer’s historical financial activity, whether the transactions are in line with prevailing business practices, and whether the customer exhibits multiple indicators, before determining if a transaction is suspicious or otherwise indicative of potentially fraudulent COVID-19-related activities,” FinCEN adds.
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