One constant certainty with fraudsters is that they will use any major event to expand and accelerate their fraud attacks—and the COVID-19 pandemic has driven this into a pace never before seen. Since the start of this global crisis, our fraud detection and prevention experts have been experiencing an unusually high level of volumes and frauds with our various customers. In an effort to share updates and education on COVID-19 related fraud intelligence, we’ve created this page as a knowledge-base of relevant thought-pieces and educational resources from fellow industry leaders, all trusted publications and organizations. We’ll update as frequently as possible with the latest COVID-19 related fraud detection and prevention tips.
Watchdog Claims Billions In Covid Stimulus Fraud
As part of the Coronavirus stimulus, the Small Business Administration (SBA) provided loans to small businesses that were impacted by the Covid-19 pandemic. However, a new report from the SBA’s Inspector General claims the SBA approved wrong bank accounts, multiple loans, and ineligible businesses..amongst others.
October 30, 2020 : Forbes
Covid-19 Scammers Driving Unemployment Fraud Across Nation
Unemployed Americans aren’t the only ones waiting for the next pandemic relief check. A slew of fraudsters, including an organized Nigerian cybercrime ring, are also looking to get paid.
October 19, 2020 : Bloomberg Law
With ID Theft & Fraud Spreading as Fast as COVID-19, What Can CUs Do?
Over the past nine months, our country has experienced an unprecedented pandemic featuring a transmittable virus that has spread “like wildfire” to millions of Americans. Unfortunately, the world’s criminals have preyed upon this fast-spreading viral disease, creating the spread of criminal activity that has moved as swiftly as the virus itself.
October 19, 2020 : Credit Union Times
Wells Fargo Fires Over 100 Employees for Alleged COVID-19 Relief Fraud
Wells Fargo fired up to 125 employees for allegedly misrepresenting themselves to obtain stimulus money intended to help businesses hurt by the COVID-19 pandemic.
October 15, 2020 : CFO Maqgazine
Scammers exploit Covid to steal from stressed bank customers
It began with a text purportedly from O2. The message informed Stephen Frew that his latest payment could not be processed and asked him to update his card details via a link. Frew duly obliged. Within a week the £21,330 he was about to use as a deposit on a flat was stolen from his bank account.
October 11, 2020 : The Guardian
Watchdog group tallies $250 million in coronavirus-aid fraud with money spent on sports cars, strip clubs, gambling and crypto bets
The U.S. Department of Justice has brought charges against at least 82 individuals, in cases where $250 million in fraudulent loans were sought in the six months since the Small Business Administration began disbursing loans under the Trump Administration’s Paycheck Protection Program, according to a tally by the Project on Government Oversight released Thursday.
October 8, 2020 : MarketWatch
Fiserv: P2P Payment Products Skyrocket for Credit Unions During COVID
The global pandemic this year has caused credit union members and consumers to embrace digital payments at an incredible pace. According to fintech powerhouse Fiserv, it has “added or enhanced” P2P payment capabilities for more than 200 credit unions and banks in 2020 using the Zelle Network.
October 7, 2020 : Credit Union Times
Here’s what banking experts are saying in the wake of the FinCen leak
The documents, obtained by Buzzfeed and the International Consortium of Investigative Journalists, contain Suspicious Activity Reports (SARs) filed with the U.S. Department of Treasury’s Financial Crimes Enforcement Network, or FinCen, between 1999 and 2017.
September 21, 2020 : CNBC
Covid Scams From A to Z: 26 Ways Fraudsters Are Fooling People During the Pandemic
If you believed 2018 was the summer of scam, think again. As the U.S. has struggled to control the coronavirus outbreak over the past six months of 2020, it’s also been flooded with financial scams.
September 15, 2020 : Money
Eight of 10 Credit Unions Unable to Conduct Critical Remote Functions During COVID
Eight out of ten credit unions that assessed their business continuity plans during COVID-19 were unable to conduct critical functions remotely, according to a new PolicyWorks white paper.
September 10, 2020 : Credit Union Times
Four Social Media Strategies for Bank Loan Officers During COVID-19
Historically low mortgage rates have recently opened the doors for many people to enter the housing market, but new house hunters are setting out on their homebuying journeys in uncharted waters during the pandemic. Economic uncertainty lingers, and many potential buyers are feeling more nervous than usual about taking the leap to homeownership.
September 8, 2020 : ABA Journal Risk & Compliance
World Council’s COVID-19 Committee Confronts CU Challenges Ahead
The anticipated suspension of loan payment relief and government aid programs could put substantial pressure on credit unions across the globe in 2021, according to a World Council of Credit Unions committee that convened last week for the first time.
August 31, 2020 : Credit Union Times
2 Florida men used fake IDs, bank accounts to steal more than $3M from coronavirus small business relief program
Two South Florida residents allegedly used stolen and fake identities to acquire over $3 million in small business funding provided by coronavirus relief legislation.
August 29, 2020 : The Hill
Fighting fraud in the era of COVID-19
While most financial services organizations work to help customers meet the economic challenges of COVID-19, criminals see the pandemic as a time to accelerate their behavior. However, financial services leaders are ready to fight and safeguard their customers and organizations. Today, these leaders continue to proactively arm against fraudsters to maintain safe and stable financial services organizations.
August 14, 2020 : BAI
Addressing Payment Fraud and Bank Accounts in the new COVID 19 world
UKFinance reported fraud grew 28% in 2019 to £456 million with Faster Payments, 73% of that total, growing at 33%. UKFinance noted 76% of the fraud comes from the internet and the banking industry covers 98% of the fraud losses. If continued unchecked this could total £1 billion within three years.
August 7, 2020 : Finextra
Business ID Theft Soars Amid COVID Closures
This story is about the victims of a particularly aggressive business ID theft ring that’s spent years targeting small businesses across the country and is now pivoting toward using that access for pandemic assistance loans and unemployment benefits.
July 27, 2020 : Krebs on Security
Deep Dive: How Banks Are Responding To The COVID-19 Crisis And Beyond
The way banks and their customers are coping with the new realities brought on by the COVID-19 pandemic could be a bellwether for the future of the financial industry. Online banking currently ranks as the most commonly utilized form of banking, followed by mobile banking, according to a recent study. An increasing number of customers are also picking up their phones to manage their financial lives — a trend expected to persist as long as the COVID-19 pandemic.
July 24, 2020 : PYMNTS
The fight against COVID-19 spam and smishing attacks
For some time, SMS has been the go-to platform for communications that are personalized and guaranteed to reach the recipient. The accessibility and ease of which SMS can be tailored to customers suggests brands still use it to connect with customers around the world.
July 22, 2020 : Mobile Marketer
Phishing is the leading type of COVID-19 fraud
Credit agency TransUnion has found that COVID-19 related scams have targeted 32% of people around the world, and phishing is the method of choice, accounting for 27% of those attacks.
July 22, 2020 : Tech Republic
Cybersecurity Leadership: What We’ve Learned From COVID-19
What are the biggest leadership lessons from the COVID-19 pandemic? And what will CEOs and CISOs look back on and say, “Why did we ever do things that way?” Those questions were posed to a panel of cybersecurity leaders, and here are their candid answers.
July 17, 2020 : Bank Info Security