Regulatory Alerts2011-12-19 | FinCEN Advisory – FIN-2011-A016Added
Account Takeover Activity (FinCEN Advisory – FIN-2011-A016)
Financial institutions are advised to identify account takeover activity by monitoring for inconsistencies such as unusual ATM activity, clustered ACH transactions, or sudden wire transfers. When filing Suspicious Activity Reports for suspected account takeover fraud, institutions must use the term in the narrative and select appropriate boxes for computer intrusion, wire transfer fraud, ACH transfer fraud, or identity theft as applicable. The advisory specifies that these reporting guidelines apply to the new SAR form approved on July 15, 2011, once it becomes mandatory for use.