The Secret Service and SBA Office of Inspector General put out advisories to 30,000 financial institutions in early 2020 to lay out fraud indicators and guide the banks to partner with federal agencies to recover fraudulent funds, Dotson said. ![]() Initial investigations indicated the majority of the fraudulent accounts at Green Dot were established with synthetic and stolen identities, and involved using "willing and unwilling money mules," Dotson said. But there's not an institution, even our traditional financial institutions, that weren't targeted during the pandemic," Roy Dotson, lead investigator for the Secret Service, told CNBC in an interview. So currently, cryptocurrency is a big thing, fintechs, third-party payment systems. "Fraudsters in general are always looking for ways and techniques to better do their crimes and modern conveniences are just one of those things they use. The investigation was initiated by the Secret Service field office in Orlando, Florida, and Green Dot bank worked with the agency to identify the fraudulent accounts. Investigations are ongoing and further information about suspects was not immediately released. ![]() as well as domestic and transnational organized crime rings, the agency said. ![]() More than 15,000 accounts were used in the conspiracy, by individuals in the U.S. The suspects used Green Dot Bank, a fintech institution, to hold and move the fraudulent funds.
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