No matter what the crisis is, there are always fraudsters seeking to take advantage of the general public and financial institutions. Without a willing or unwilling victim, these fraudsters would not be able to survive and rake in illegal profits. Unfortunately, the coronavirus pandemic is not immune from these fraudsters. They use traditional fraud pitches to enlist the help of their victims. Corporate C-level officers, legal departments, cybersecurity professionals, banks and individual consumers should take particular notice.

On July 7, the Financial Crimes Enforcement Network (FINCEN) of the U.S. Department of Treasury issued an advisory on imposter scams and money mule schemes related to COVID-19.  FINCEN has identified several consumer frauds that include imposter scams and money mule schemes, where fraudsters deceive victims by impersonating federal government agencies, international organizations or charities. What should you and your company be aware of and what should financial institutions be doing to protect themselves from these schemes?

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]