FinCEN deepfake-fraud BSA alert
FinCEN Alert FIN-2024-Alert004 — GenAI Deepfake Media for Financial Fraud
United States · FinCEN Alert FIN-2024-Alert004 (Nov. 13, 2024)
- Status
- In effect
- Took effect
- November 13, 2024
- Applies to
- Banks, MSBs, broker-dealers, and other BSA-covered financial institutions
- Enforced by
- FinCEN; federal banking regulators
FinCEN issued an alert telling banks and other financial institutions how to spot — and report — fraud schemes that use generative-AI deepfakes to defeat identity verification. Suspicious activity reports must use the SAR keyword 'FIN-2024-DEEPFAKEFRAUD' so FinCEN can track the trend in synthetic identity and account-takeover fraud.
Who is protected: Banking customers, fintech customers, financial system integrity
Legal detail
FinCEN Alert FIN-2024-Alert004 (Nov. 13, 2024) issued under the Bank Secrecy Act describes typologies — deepfake images and videos used to defeat CIP/KYC, deepfake audio for elder fraud and business email compromise — and lists red flags. Filers must use SAR keyword 'FIN-2024-DEEPFAKEFRAUD' and reference the alert.
Key facts
| Jurisdiction | United States |
|---|---|
| Level | Federal |
| Strength | Moderate |
| Enacted | November 13, 2024 |
| Citation | FinCEN Alert FIN-2024-Alert004 (Nov. 13, 2024) |
| Private right of action | No, agency enforcement only |
| Penalties | BSA civil and criminal penalties for AML/SAR failures |
| Topics | consumer protection · deepfakes · consumer data privacy |
| Agency page | FinCEN Alert on Fraud Schemes Involving Deepfake Media Targeting Financial Institutions |
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