WASHINGTON–FinCEN is warning financial institutions over fraud schemes related to the use of counterfeit U.S. passport.
The Financial Crimes Enforcement Network (FinCEN) has published a notice provides an overview of “typologies” associated with U.S. passport card fraud, and identified red flags to assist financial institutions in identifying and reporting suspicious activity. According to FinCEN, from 2018-23 U.S. passport card fraud caused $10 million in actual losses and $8 million in additional attempted losses with more than 4,000 victims in the United States.
‘Higher Than Reported’
“However, DSS (Department of State’s Diplomatic Security Service) and other law enforcement agencies assess losses associated with U.S. passport card fraud and associated identity theft are likely significantly greater and seek increased reporting by financial institutions to identify additional illicit activity,” FinCEN said in a statement.
FinCEN said such fraud, including financial crimes related to the use of counterfeit U.S. passport cards, “is the largest source of illicit proceeds in the United States and represents one of the most significant money laundering threats to the United States.”
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