The number of bank regulatory reports of suspected cases of commercial real estate fraud rose nearly threefold between 2007 and last year, the U.S. Treasury Department said Wednesday.
A U.S. Treasury Department advisory detailing red flags of reverse-mortgage scams takes another step in placing more responsibility for identifying such frauds within banks' anti-money laundering programs, say consultants.
Financial institutions filed 46,717 suspicious activity reports about potential mortgage fraud in fiscal year 2007, a 31 percent increase in the reports from the previous year, the FBI said Tuesday.
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