U.S. Treasury uncovers $270 million in financial activity suspected of being linked to student financial aid fraud

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The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) said it had uncovered $270 million in financial activity suspected of being linked to fraud involving federal student financial aid programs, and had referred its findings to law enforcement. Since FinCEN issued an alert in July, financial institutions have submitted about 100 reports of suspicious payment activity, prompting it to review about 20,000 suspicious transactions dating back to February; the Treasury is stepping up interagency cooperation to combat fraud.