Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
FinCEN reports double-digit increase in fraud-related SARs
WASHINGTON (7/9/09)--The Financial Crimes Enforcement Network (FinCEN) on Tuesday reported that Suspicious Activity Reports (SARs) related to fraud increased across the board during 2008, with depository institutions filing 12.85% more SARs than they had in 2007. Fraud violations account for 7 of the 20 types of violations tracked by FinCEN, and represented nearly half of all violations reported during 2008, the FinCEN release said. In comments accompanying a FinCEN release, director James H. Freis, Jr. said that “while increases in reporting of suspected fraudulent activity could mean that there is an increase in fraud, it also reflects an increase in awareness within financial institutions detecting such activity.” FinCEN reported double-digit increases in fraud-related filings, including fraud related to checks, mortgages, consumer loans, wire transfers, credit cards, debit cards, and commercial loans. However, the total amount of SARs filed only showed a slight increase of 3%, lower than the 16% increase recorded during 2007. To view the full FinCEN release, use the resource link.
Other Resources

RSS print
News Now LiveWire
Have you read this one today in #NewsNow? What NCUA examiners look for on cybersecurity efforts: NCUA Report http://t.co/4g5wUavUAe
51 minutes ago
.@CFPB sets $2.75M fine v. auto finance co. it says "distorted consumer credit records for years": TX-based First Investors Fin. Serv. Group
1 hours ago
University, college #creditunions add fin ed to higher ed. See #NewsNow http://t.co/NsyshwHPhg
3 hours ago
Are you going to be naughty or nice to your budget with holiday spending? http://t.co/FcN2YPxCIU
3 hours ago
Did U miss the July @TheNCUA open meeting? Now a video recording is available on the agency’s website. Go here: http://t.co/cxGs2bkdKt
4 hours ago