FinCEN issued a Notice to financial institutions on fraud schemes related to the use of counterfeit U.S. passport cards.

The Notice provides information for firms on:

  • Emerging risks and typologies of identity theft and fraud schemes involving counterfeit U.S. passport cards;
  • Red flag indicators of identity theft and fraud involving counterfeit U.S. passport cards, covering technical, behavioural, and financial indicators;
  • Resources on identifying the security features of legitimate U.S. passport cards; and
  • Reporting requirements for firms under the Bank Secrecy Act (BSA).

Firms with operations in the U.S can view the FinCEN notice to ensure that they are aware of current fraud threats and trends alongside their obligations.

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