The Postal Service’s surge in mail theft cases contributed to hundreds of millions of dollars in suspected check fraud cases last year, according to a recent Treasury Department analysis.
Treasury’s Financial Crimes Enforcement Network (FinCEN) received more than 15,400 reports of suspected mail theft-related check fraud under the Bank Secrecy Act (BSA) from more than 840 financial institutions between February and August 2023.
FinCEN, in a financial trend analysis of this data, said those mail theft-related check fraud cases amounted to more than $688 million in “suspicious activity.”
The report states that those reports include both completed and attempted transactions.
