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ARTICLE · 02 OCTOBER 2019

FinCEN Warns Financial Institutions To Better Protect Personal Data

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Financial Crimes Enforcement Network ("FinCEN") Director Kenneth A. Blanco urged financial institutions to help prevent the theft and abuse of personally identifiable information ("PII") by fraudsters

United StatesGovernment, Public Sector
Joseph Moreno
Joseph Moreno
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Financial Crimes Enforcement Network ("FinCEN") Director Kenneth A. Blanco urged financial institutions to help prevent the theft and abuse of personally identifiable information ("PII") by fraudsters, while making it clear that FinCEN's appetite for financial data to fight money laundering and terrorist financing continues unabated.

In a speech before the Federal Identity Forum and Exposition, Mr. Blanco warned that PII is one of the "key enablers" furthering a significant amount of fraud and cybercrime. According to Mr. Blanco, PII is used throughout the financial system to verify and authenticate users, which is what makes it such an attractive target. Additionally, he noted, FinCEN found that fraudsters are often able to gain access to PII by exploiting weaknesses in financial institutions. Instances of fraud that FinCEN has observed include fraudsters:

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