On 30 March, FinCEN issued a Financial Trends Analysis on patterns and trends identified in Bank Secrecy Act (BSA) data relating to business email compromise (BEC) fraud in the real estate sector in 2020 and 2021. The report contains relevant information for the public, particularly individual homebuyers and the multiple entities involved in real estate transactions. It is said that analysis indicates that individual homebuyers suffer disproportionately from incidents of business email compromise in the real estate sector; and the most common victims of impersonation were individuals and entities involved in the title and closing processes within a real estate transaction. It emphasizes the critical role of timely reporting of cyber-enabled crime to enable FinCEN and law enforcement to interdict, freeze, and recover funds stolen through cyber-enabled fraud, such as BEC.
https://www.fincen.gov/sites/default/files/shared/Financial_Trend_Analysis_BEC_FINAL.pdf
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