Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
Check fraud is 2009 big-growth area for SARs
VIENNA, Va. (1/25/10)—Mid-year numbers for 2009 indicate a shifting focus of suspicious activity reports (SARs) with a 19% increase in check-fraud reports and a 36% jump in counterfeit check SARs filed by credit unions and other depository institutions. Those figures, provided by the Financial Crimes Enforcement Network’s (FinCEN’s) most recent “SAR Activity Review-By the Numbers” report released Friday, also revealed the following: SARs filed by money services businesses showed a 76% increase in suspected fraud involving Traveler's Checks; SARs filed by casinos indicated an 18% rise in suspicious activity involving checks; and, there was a 19% spike in SARs by the securities and futures industries involving check fraud. The figures result from a comparison to activity for the corresponding time periods from the previous year. A much smaller increase—just one percent—was noted for SARs filings indicating suspected mortgage loan fraud. However, FinCEN underscored that sustpected mortgage fraud reports remain at a historically high level. Prior to the current report, mortgage-fraud SARs witnessed six straight years of double-digit growth. "FinCEN remains focused on its proactive efforts to assist state, local and federal investigators in efforts to use SARs to crack down on mortgage fraud and foreclosure rescue scams, and to identify other emerging trends and patterns," said FinCEN Director James H. Freis, Jr. in a release accompanying the report. "Fraudulent and criminal activity is seldom static and predictable, each financial industry sector has an important role to play in identifying these activities."
Other Resources

RSS





print
News Now LiveWire
Through the snow, be on the lookout for a @CU4Kids @CMNHospitals @COOPFS billboard in @TimesSquareNYC this week
14 hours ago
.@CUNA , trades unite to urge Congress on #datasecurity action http://t.co/gzmZGX9nfF
17 hours ago
State of Wash. @dficonsumers has expanded its CAMEL ratings to include an "S" for interest-rate sensitivity.
17 hours ago
.@HUDgov tweets: Be sure to tune in tonight to watch @SecretaryCastro on @TheDailyShow with Jon Stewart http://t.co/B1L23NQaoJ
17 hours ago
.@NJCUL Southern Chapter meeting canceled due to the impending snowstorm
18 hours ago