FinCEN Issues Advisory on Email Compromise Fraud (ABA)


With email compromise schemes — in which criminals fraudulently persuade individuals and companies to transfer funds — on the rise, the Financial Crimes Enforcement Network issued an advisory to financial institutions today to help them identify and prevent these frauds. The advisory covered business email compromises, in which criminals target a business customer of a bank, and email account compromises, which are targeted at personal bank accounts. The hallmark of these frauds is that they hack or spoof email accounts to take advantage of employees’ or financial institutions’ trust in existing customer relationships.