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FinCEN Issues Advisory to FIs on Email Compromise Fraud Schemes
Thursday, September 8, 2016 6:40 AM

The Financial Crimes Enforcement Network (FinCEN) has issued an advisory to help financial institutions guard against a growing number of email fraud schemes in which criminals misappropriate funds by deceiving financial institutions and their customers into conducting wire transfers.

This advisory also provides red flags—developed in consultation with the Federal Bureau of Investigation and the U.S. Secret Service—that financial institutions may use to identify and prevent such email fraud schemes.

Business email compromise (BEC) and email account compromise (EAC) schemes are among the growing trend of cyber-enabled crime adversely affecting financial institutions. Since 2013, there have been approximately 22,000 reported cases of BEC and EAC fraud involving $3.1 billion.
 
Read the advisory.