Advisory on Imposter Scams and Money Mule Schemes
This advisory alerts financial institutions to indicators of imposter scams and money mule schemes during COVID-19. It provides guidance on detecting, preventing, and reporting fraudulent activity. It also includes red flag indicators and reporting instructions.
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How do I fill this out?
To fill out this advisory form, you need to understand and apply the guidance provided. Make sure to reference the advisory in the SAR filing as instructed. For detailed steps, follow the guidelines below.
How to fill out the Advisory on Imposter Scams and Money Mule Schemes?
1
Read the advisory thoroughly to understand the context.
2
Identify the relevant key term for SAR filing.
3
Include the key term in SAR field 2 and SAR field 34(z).
4
Consider all financial red flag indicators before completing the form.
5
Perform additional inquiries and investigations if necessary.
Who needs the Advisory on Imposter Scams and Money Mule Schemes?
1
Chief Executive Officers to understand potential COVID-19 fraud risks.
2
Chief Compliance Officers to ensure regulatory compliance.
3
AML/BSA Departments to detect and prevent illicit activities.
4
Cyber and Security Departments to address cybersecurity threats.
5
Customer Service Agents to assist in identifying potential scams.
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What are the instructions for submitting this form?
Submit this form through the recommended channels. For emails, contact FinCEN at [fincen@fincen.gov]. For physical copies, send to FinCEN’s office at P.O. Box 39, Vienna, VA 22183. Ensure all submissions comply with the guidelines provided in the advisory.
What are the important dates for this form in 2024 and 2025?
The advisory mentions ongoing risks during the COVID-19 pandemic, but no specific dates for 2024 and 2025 are provided.
What is the purpose of this form?
The purpose of this advisory form is to alert financial institutions to the risks of imposter scams and money mule schemes related to COVID-19. It aims to assist in detecting, preventing, and reporting fraudulent activities. By following the advisory, institutions can safeguard against consumer fraud and protect legitimate relief efforts.
Tell me about this form and its components and fields line-by-line.
- 1. Title: The main title of the advisory.
- 2. SAR Reference: Reference key term for SAR filing.
- 3. Financial Red Flag Indicators: Descriptions and examples of red flag indicators.
- 4. Reporting Instructions: Guidelines on how to report suspicious activity.
- 5. Contacts and Resources: Information on additional resources and contacts.
What happens if I fail to submit this form?
Failure to follow this advisory can result in not detecting fraudulent activities, which may lead to financial losses and regulatory actions.
- Financial Losses: Potential financial losses due to undetected scams.
- Regulatory Actions: Possible penalties and actions from regulatory bodies.
How do I know when to use this form?
- 1. Identifying Fraud: When identifying suspicious activity or red flags.
- 2. Reporting Activity: For reporting potential fraudulent schemes.
- 3. Conducting Investigations: To aid in thorough investigations of suspected fraud.
Frequently Asked Questions
What is this advisory about?
It alerts financial institutions to potential COVID-19 imposter scams and money mule schemes.
How do I reference this advisory in a SAR filing?
Use the key term 'COVID19 MM FIN-2020-A003' in SAR field 2 and SAR field 34(z).
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Who should be informed about this advisory?
Chief Executives, Compliance Officers, AML/BSA Departments, Cyber and Security Departments, and Customer Service Agents.
What are imposter scams?
They are frauds where criminals impersonate organizations to defraud victims.
What are money mule schemes?
They involve deceiving individuals to transfer illicitly acquired money.
How can I detect COVID-19 related scams?
Refer to the financial red flag indicators provided in the advisory.
What should I do if I suspect fraudulent activity?
Report the activity according to the guidelines in the advisory.
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