The U.S. Department of the Treasury announced that FinCEN identified approximately $270 million in suspicious financial activity linked to federal student aid fraud. These findings have been referred to federal investigators to pursue potential fraud schemes and ensure accountability. Since a July 2026 alert, financial institutions filed nearly 100 suspicious activity reports, revealing over 20,000 potentially suspicious transactions since February 2026. The fraud schemes include ghost student and straw student tactics that drain taxpayer funds and harm legitimate students.
Read the full story at home.treasury.gov.
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