March 24, 2011 –
FinCEN Warns Consumers of Fraudulent Correspondence and Phone Calls

The Financial Crimes Enforcement Network (“FinCEN”) recently issued an alert to warn consumers about two (2) fraudulent schemes that were recently reported (the “FinCEN Alert”).

One scheme is conducted via telephone and consists of the caller representing himself/herself as an employee of FinCEN and asking for the victim by name, usually at the victim’s telephone number.  The caller will identify an outstanding debt, which may be actual or bogus.  The caller will provide the victim with the victim’s account, Social Security or other similar number and demand that immediate payment be made.  The caller’s knowledge of the victim’s name, telephone number, account description and personal information serve to legitimize the caller.

Another scheme is conducted via email or telephone and consists of an individual claiming to be a representative of the U.S. Department of the Treasury or FinCEN, who informs the victim that he/she has received a large Treasury Department grant.  To obtain the grant, the victim is instructed to provide bank account information and make some type of initial payment or donation.

The FinCEN Alert reminds the public that FinCEN does not: (i) send unsolicited requests; (ii) seek personal or financial information from the public; (iii) have authority to freeze assets or block funds transfers; and (iv) have any offices outside of the United States.

To read a complete copy of the Alert on the FinCEN website, click here.