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#1955885 - 08/21/14 08:33 PM Data breaches and credit card compromises
Wonderer12 Offline
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Joined: Jun 2013
Posts: 10
In regards to the recent data breaches (Target and Albertsons/ Jewel-Osco/ACME), do the card compromises in conjunction with attempted and confirmed fraudulent activity require a SAR (assuming an unknown suspect and total attempted/confirmed fraud is greater than $25,000)?

Is the fact that this is a known illegal occurrence and there are or will be investigations surrounding the incident(s) enough to mitigate the SAR filing requirement? How have any of you have been handling these situations, and how have you documented your decision to NOT file, if that was your decision?

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#1956068 - 08/22/14 02:25 PM Re: Data breaches and credit card compromises Wonderer12
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
Other than the specific instruction not to file a SAR for a bank robbery that's already been reported to law enforcement, I am not aware of any guidance suggesting that you don't file when you believe LE already is pursuing a matter. The theory is, and I think LE will back me on this, that even a SAR filed late in the game may include information that is useful to LE efforts.
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John S. Burnett
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#1956105 - 08/22/14 03:01 PM Re: Data breaches and credit card compromises Wonderer12
Wonderer12 Offline
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Joined: Jun 2013
Posts: 10
Thanks, John. This validates the direction we were leaning in. We were looking for confirmation of our thoughts prior to spending additional time and effort on these instances. We are always advocates of including as much relevant info as possible in our SARs and agree completely that the smallest of details can make or break a case for LE.

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