Regulatory Alerts2024-04-15 | FinCEN Notice FIN-2024-NTC1Added
FinCEN Notice on the Use of Counterfeit U.S. Passport Cards to Perpetrate Identity Theft and Fraud Schemes at Financial Institutions
Financial institutions are urged to identify and report suspicious activity related to the use of counterfeit U.S. passport cards for identity theft and fraud. The notice outlines typologies where illicit actors use counterfeit documents containing stolen personal identifiable information to impersonate victims and access accounts. It highlights technical, behavioral, and financial red flags, such as photo mismatches, lack of account knowledge, and transactions designed to evade Currency Transaction Reporting thresholds. Institutions are requested to reference the notice key term "FIN-2024-NTC1" and the term "Passport Card" in Suspicious Activity Report filings.