The Financial Crimes Enforcement Network (FinCEN) has issued an advisory to alert financial institutions to rising medical scams related to the coronavirus pandemic. It’s a must-read for compliance officers in the industry as it describes common COVID-19-related scams, what red flags to watch for, and how to report suspicious activity.
“While this advisory focuses on medical-related scams, financial institutions should note that criminal actors may use similar fraudulent methods involving non-medical-related goods or services,” FinCEN’s advisory states. “Many COVID-19-related scams are similar to those observed before the pandemic, and illicit actors have modified their schemes to take advantage of, and profit from, the pandemic by victimizing innocent people and businesses.”
