Sun. Dec 22nd, 2024

USPS mail theft led to $688M in ‘suspicious activity’ tied to check fraud

September 18, 2024 ,

READ FULL ARTICLE AT » https://federalnewsnetwork.com

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.

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