FinCEN’s Deepfake Fraud Alert (FIN-2024-DEEPFAKEFRAUD): What financial institutions must do

On November 13, 2024, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued Alert FIN-2024-Alert004, warning financial institutions that fraudsters are using generative-AI deepfakes — fake IDs, cloned voices, and synthetic video — to slip past identity and verification controls. The alert reminds firms of their Bank Secrecy Act (BSA) reporting duties… Continue reading FinCEN’s Deepfake Fraud Alert (FIN-2024-DEEPFAKEFRAUD): What financial institutions must do