Regulatory Alerts2020-07-16 | FIN-2020-Alert001Added
FinCEN Alerts Financial Institutions to Convertible Virtual Currency Scam Involving Twitter
Financial institutions are required to identify and report suspicious transactions associated with scams exploiting compromised Twitter accounts to solicit fraudulent convertible virtual currency payments. Institutions must include relevant technical cyber indicators, such as CVC addresses and IP addresses, in the structured fields of Suspicious Activity Reports (SARs) and reference the key term "FIN-2020-Alert001" in SAR field 2 and the narrative. The alert specifies red flag indicators including promises of doubled returns, misspellings, unverified accounts, and multiple accounts soliciting funds to the same wallet address.