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News Now

Washington
CU SAR filings up again FinCEN
WASHINGTON (5/15/12)--The number of suspicious activity reports (SARs) filed by institutions that claimed the National Credit Union Administration (NCUA) as their primary regulator increased by 6% in 2011, continuing a trend that has seen SARs filed by credit unions increase every year since 1998, the Financial Crimes Enforcement Network (FinCEN) reported.

The NCUA is the only federal financial regulator that has shown an increase every year since 1998, FinCEN said.

In its SAR Activity Review--By the Numbers, FinCEN reported the total number of SARs filed by credit unions and other financial institutions increased by 13.5% in 2011, with mortgage fraud and check fraud continuing to rank as the most common criminal offenses.

Just over 92,000 mortgage loan fraud SARs were filed in 2011, an increase of more than 20,000, or 31%, above 2010's numbers. Check fraud, commercial loan fraud and credit card fraud SARs declined by 3%, 12% and 5%, respectively.

The largest increase in SARs filed related to consumer loan fraud, as the 32,285 SARs filed in 2011 represented an 127% increase when compared to 2010's total.

SARs reporting instances of debit card fraud and wire transfer fraud increased by 9% between 2010 and 2011, totaling 6,258 and 15,497, respectively.

Overall, the volume of SAR filings in 2011 represented a high over any previous calendar year, FinCEN reported.

For the full FinCEN report, use the resource link.
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