FinCEN Issues Spanish-Language Resources to Combat Mail-Theft Related Check Fraud

The Financial Crimes Enforcement Network (FinCEN) has issued Spanish translations of two resources focused on mail theft-related check fraud.

The resources include FinCEN’s February 2023 alert to financial institutions highlighting a surge in check fraud schemes targeting the U.S. mail, and its September 2024 Financial Trend Analysis on mail theft-related check fraud incidents, the agency said in a Wednesday (Dec. 11) press release.

“These translations are intended to further support financial institutions located in predominantly Spanish-speaking communities and support law enforcement’s outreach to such communities impacted by this fraud,” the release said.

In its February 2023 alert, FinCEN warned banks of a nationwide surge in check fraud, saying criminals are increasingly targeting mail and mail carriers to commit that fraud.

“Criminals typically steal personal checks, business checks, tax refund checks and checks related to government assistance programs, such as Social Security payments and unemployment benefits,” FinCEN said at the time in a press release about the alert.

Beyond that, some criminals continue to exploit their targets using personally identifiable information found in stolen mail for future frauds, according to the release.

In its September 2024 Financial Trend Analysis, FinCEN said mail theft-related check fraud amounted to more than $688 million between February 2023 and August 2023.

During that period, FinCEN received reports of that type of fraud in 15,417 Bank Secrecy Act (BSA) reports from 841 financial institutions, according to the release.

FinCEN found that after checks were stolen from the mail, 44% were altered and then deposited, 26% were used as templates to create counterfeit checks, and 20% were fraudulently signed and deposited.

“FinCEN values its ongoing collaboration with the United States Postal Inspection Service (USPIS) to raise awareness of this criminal activity impacting innocent Americans across the country,” FinCEN Director Andrea Gacki said in a Sept. 9 press release.

It was reported in November that financial institutions are racing to keep up with a surge in check fraud as tips for committing the crime are being shared on social media platforms.

Checks that are genuine but altered are more likely to go unchallenged during the time that banks are allowed to inspect checks before releasing funds.

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