Fraud remains the leading form of identity-related suspicious activity cited in Bank Secrecy Act (BSA) reports by a large margin, while technologies enable greater overall risks around exploitation, according to new research from the Treasury Department’s Financial Crimes Enforcement Network (FinCEN).
FinCEN’s latest “Financial Trend Analysis,” published Tuesday, reviews data from BSA reports filed in calendar year 2021. The agency identified at least 14 typologies that bad actors use to exploit the validation, verification, and authentication processes at financial institutions.
