The Financial Crimes Enforcement Network has identified more than $270 million in suspicious financial activity potentially linked to fraud against federal student aid programs, the Treasury Department said today.
In July, FinCEN issued an alert urging financial institutions to be vigilant in identifying and reporting suspicious activity connected to fraud schemes targeting Office of Federal Student Aid programs. Treasury said financial institutions have filed nearly 100 suspicious activity reports involving possible student aid fraud since then, with FinCEN identifying more than 20,000 potentially suspicious transactions since February.
FinCEN has referred its findings to federal investigators “to pursue potential fraud schemes targeting federal student aid programs and help ensure those responsible are held accountable,” Treasury said.
