Davis Polk partner Dan Stipano discussed the increase in suspicious activity reports (SARs) with MoneyLaundering.com. The volume of SARs on suspected fraudulent checks roughly doubled in 2022 from the year before. Dan explained that “fraud is epidemic in our financial system – these [suspicious activities] are all fraud related, and they travel together.” While the underlying criminal activities are far from new, “the jump is pretty eye-popping,” he noted.

“Check Fraud Spikes in 2022 SARs Numbers,” MoneyLaundering.com (February 2, 2023) (subscription required)

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