WASHINGTON— Ransomware-related SARs and the frequency of those filings have increased within the first six months of 2021 and have already surpassed the totals for the entire 2020 calendar year, according to a new report on ransomware trends from the Financial Crimes Enforcement Network.
The findings are based on data from suspicious activity reports (SARs) filed from Jan.1 - June 30, 2021.
This report adheres to the Anti-Money Laundering Act of 2020’s mandate calling on FinCEN to publish “threat pattern and trend information” identified from the SARs.
“The number of ransomware-related SARs filed monthly has grown rapidly, with 635 SARs filed and 458 transactions reported between 1 January 2021 and 30 June 2021,” the report states. “The total value of suspicious activity reported in ransomware-related SARs during the first six months of 2021 was $590 million, which exceeds the value reported for the entirety of 2020 ($416 million).” Bitcoin was the most common ransomware-related payment method, NAFCU said in its analysis.
The report was released in coordination with the Treasury Department’s Office of Foreign Assets Control’s issuance of an educational brochure to promote sanctions compliance within the virtual currency industry.