In a public service announcement, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN, warned against a rise in elaborate fraud schemes by malicious actors who have leveraged FinCEN branding and tools to more effectively scam their targets.
According to the warning, some fraudsters are now capable of using FinCEN’s name, insignia and tools to add credibility to their scam attempts. This includes fraud schemes that misrepresent FinCEN’s Money Services Business Registration tool or involve the impersonation of FinCEN employees and affiliates. Common victims include companies attempting to report beneficial ownership information (BOI) to FinCEN, which is then intercepted and exploited by the scammers.
This is accomplished, FinCEN warned, through the use of fraudulent BOI forms and websites. Another common variation of this scam involves malicious actors (posing as FinCEN officials) convincing companies to pay fictitious fees that line the scammers’ pockets.
“We are very concerned about reports of scammers using FinCEN’s name to perpetrate fraud schemes against the public for financial gain,” FinCEN Director Andrea Gacki said. “We urge the public to be vigilant in identifying and avoiding these schemes and to be extremely cautious when dealing with unsolicited correspondence. FinCEN and its employees will never threaten a member of the public by email, call, or text, or demand immediate payment for any reason.”
The public is advised that scammers may make contact while posing as representatives of FinCEN through email, text messages or even physical mail. These messages may also be sent under names similar to those of government agencies, such as “United States Business Regulations Department” or “Annual Records Service.” Scammers may also embed malicious links and/or QR codes into these messages, with the goal of soliciting digital payment. Others may ask for payment via mail or money order, under threat of legal action or penalty.
The full alert issued by FinCEN included warning signs, fraud detection methods and examples of fraudulent correspondence for future reference. Any contact with scammers impersonating FinCEN personnel or abusing the agency’s name, logo or authorities should be reported to Treasury’s Office of Inspector General and the Federal Trade Commission, the announcement added. Victims may make a report with their local or regional FBI field office.