The U.S. anti-money laundering watchdog has put out a new report on a surge in ransomware payment activity in 2021. But is it a surge in ransomware or in reporting related to ransomware?
Published on October 15, the report on ransomware in the first half of 2021 comes from the Financial Crimes Enforcement Network (FinCEN). The report says we are in the midst of a bumper year:
“The total value of suspicious activity reported in ransomware-related SARs during the first six months of 2021 was $590 million, which exceeds the value reported for the entirety of 2020 ($416 million).”
FinCEN is the Treasury office that enforces compliance with the Bank Secrecy Act and other anti-money laundering law. Among a host of provisions, financial institutions operating in the U.S. are required to file suspicious activity reports, or SARs, whenever they encounter activity that is, well, suspicious.
It is from its database of SARs that FinCEN compiled its data. The details are, however, tricky. As
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