FinCEN Issues Ransomware Advisory

guest · Oct 30, 2020

FinCEN Issues Ransomware Advisory
October 29, 2020
https://www.morganlewis.com/blogs/sourcingatmorganlewis/2020/10/fincen-issues-ransomware-advisory

The US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) recently issued an advisory to remind US businesses about some aspects of ransomware scams and attacks.

The advisory addresses (1) the process of making ransomware payments; (2) trends in ransomware attacks; (3) “financial red flag indicators” of ransomware activity; and (4) how to report and share information related to ransomware attacks. In the advisory, FinCEN used information from its analysis of cyber- and ransomware-related Bank Secrecy Act data, open source reporting, and law enforcement partners.
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The advisory also contains a noncomprehensive list of “financial red flag indicators” of ransomware-related activity to help financial institutions detect, prevent, and report suspicious transactions that may be indicators of ransomware attacks.
For example, a DFIR or ransom facilitator receiving funds from a customer and shortly thereafter sending the same fund amounts to a CVC exchange could be an indication of ransomware-related activity.
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Treasury News Release: Treasury Department Issues Ransomware Advisories to Increase Awareness and Thwart Attacks
FinCEN: "Advisory on Ransomware and the Use of the Financial System to Facilitate Ransom Payments"
(PDF): https://www.fincen.gov/sites/default/files/advisory/2020-10-01/Advisory%20Ransomware%20FINAL%20508.pdf

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