The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has issued an Alert urging financial institutions to detect, prevent, and report suspicious activity connected to fraud schemes targeting student aid programs administered by the Federal government.

Fraud rings use stolen and fraudulent identities, as well as other tactics, to enroll in educational institutions and unlawfully acquire funds from Federal student aid programs. The schemes not only result in losses to Federal student aid programs, but also, in some cases, real students face difficulties enrolling in classes because of the number of fraudulently enrolled “students.”

Click Read More below to download the complete alert.