On January 22, 2010, the Financial Crimes Enforcement Network (FinCEN) reported that filings of Suspicious Activity Reports (SARs) during the first six months of 2009 for check fraud increased for all of the industries required to file SARs under the Bank Secrecy Act (BSA), as compared to the first six months of 2008.
For example, SAR filings by depository institutions increased by 19% for check fraud and by 36% for instances of suspected counterfeit checks. Similarly, BSA-covered entities in the securities, futures, and insurance industries increased their filings of SARs by 19% for check fraud. Money services businesses (MSBs) increased their SAR filings for fraud involving Traveler’s Checks by 76%. Reports filed by casinos of check fraud rose by 18% while reports for unusual use of checks rose by 16%.