Exception Tracking Spreadsheet (TicklerTrax™)
Downloaded by more than 1,000 bankers. Free Excel spreadsheet to help you track missing and expiring documents for credit and loans, deposits, trusts, and more. Visualize your exception data in interactive charts and graphs. Provided by bank technology vendor, AccuSystems. Download TicklerTrax for free.
FinCEN Advisory on unemployment insurance fraud
FinCEN has issued FIN-2020-A007, an "Advisory on Unemployment Insurance Fraud During the Coronavirus Disease 2019 (COVID-19) Pandemic." The advisory contains descriptions of COVID-19-related unemployment insurance (UI) fraud, associated red flag indicators, and information on how to report suspicious activity that may involve UI fraud. Representative types of such fraud include:
- Fictitious employer-employee fraud: filers falsely claim they work for a legitimate company, or create a fictitious company and supply fictitious employee and wage records to apply for UI payments;
- Employer-employee collusion fraud: the employee receives UI payments while the employer continues to pay the employee reduced, unreported wages;
- Misrepresentation of income fraud: an individual returns to work and fails to report the income in order to continue receiving UI payments, or in an effort to receive higher UI payments, an applicant claims higher wages than he/she previously earned;
- Insider fraud: state employees use credentials to inappropriately access or change UI claims, resulting in the approval of unqualified applications, improper payment amounts, or movement of UI funds to accounts that are not on the application; or
- Identity-related fraud: filers submit applications for UI payments using stolen or fake identification information to perpetrate an account takeover.
FinCEN asks that SARs for possible UI fraud include the key term "“COVID19 UNEMPLOYMENT INSURANCE FRAUD FIN-2020-A007” in SAR field 2 (Filing Institution Note to FinCEN) and the narrative to indicate a connection between the suspicious activity being reported and the activities highlighted in the advisory. Filers should also select SAR field 34(z) (Fraud-other) as the suspicious activity type, and include certain other information detailed in the Advisory, if available, to assist law enforcement.