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FinCEN Study Examines Rise in Identity Theft SARs; Awareness Helps Deter Greater Loss

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Identity Theft Trends, Patterns, and Typologies Reported in Suspicious Activity Reports Filed by Depository Institutions January 1, 2003 – December 31, 2009, released October 2010 by the Financial Crimes Enforcement Network

  • “Reports of identity theft have been increasing for more than a decade…Identity theft was the sixth most frequently reported characterization of suspicious activity within the period of the study, behind structuring/money laundering, check fraud, mortgage loan fraud, credit card fraud, and counterfeit check fraud. Based upon analysis of the study sample, the number of identity theft related depository institution SAR [Suspicious Activity Report] filings submitted during calendar year (CY) 2009 was 123 percent higher than the number reported in CY 2004. This compares with an 89 percent increase in the numbers of all depository institution SAR filings made in CY 2004 versus CY 2009.”
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