COVID-19 Banking Fraud Attack Resources Center

COVID-19 Banking Fraud Attack Resources Center

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.


Deploying A Multilayered Fraud Prevention System During The COVID-19 Pandemic

Financial crimes are increasing amid the COVID-19 pandemic, with fraudsters impersonating tax officials to steal personal data. Multi-faceted approaches are necessary, as simply using automated systems or human intuition alone leaves financial institutions fighting with one hand tied behind their backs. In the inaugural Preventing Financial Crime Playbook, PYMNTS spoke with Debbie Guild, chief security officer at PNC Financial Services, about how AI-powered multilayered fraud prevention systems and employee education can help curb virus-centric scams.

May 22, 2020 : PYMNTS

Securing the Remote Bank Workforce

As the coronavirus lockdown plodded forward, banks have been forced to very quickly adjust to a new reality of having many if not most of their employees work from home—a shift a lot of financial institutions have been ill-prepared to make. “Many companies were not ready to deal with a large remote workforce,” says Mathieu Auger-Perreault, director for fraud and security at Javelin Strategy and Research.

May 18, 2020 : ABA Risk and Compliance

Why Banks Will Need Microservices In The Post-Pandemic World Of Digital Banking

The pandemic has shifted everything. And according to Jeff Bender, vice president of digital solutions at Diebold Nixdorf, the financial services landscape will be forever altered. “When we look at a post-COVID-19 world,” he said, “there’s no doubt that the global pandemic has had a profound impact on consumer behavior.”

May 15, 2020 : PYMNTS

COVID-19 scams target bank accounts, stimulus checks, puppies

How about this one? A consumer recently received an email from someone claiming to be from their financial institution. And the bank claimed that, somehow, the customer’s banking information was not accurate and was creating trouble with the deposit of the Economic Impact Payment, according to Melissa Gaddis, senior director of customer success for TransUnion Global Fraud & Identity Solutions.

May 15, 2020 : Detroit Free Press

Podcast: Answering Banker Questions on Post-COVID-19 ‘Return to Normal’

As states begin to relax stay-at-home orders, many banks are beginning to plan for the safe and efficient return to normal in-office operations. Thousands of bankers joined ABA SVP Paul Benda last week for a member webinar on what banks should be considering as they prepare to restore normal operations in the wake of COVID-19.

May 13, 2020 : ABA Risk and Compliance

Banks failing to protect customers from coronavirus fraud

A paltry 13 out of the 64 banks accredited by the UK government for its Coronavirus Business Interruption Loan Scheme (CBILS) have bothered to implement the strictest level of domain-based messaging authentication, reporting and conformance – or Dmarc – protection to stop cyber criminals from spoofing their identity to use in phishing attacks.

May 12, 2020 : Computer Weekly

The Wayward Hunt for Stimulus Fraud

The Justice Department has a tradition of not commenting on continuing investigations, but it’s sometimes subordinated to political imperatives. My interest was piqued when Brian Benczkowski, head of Justice’s criminal division, announced recently that the department had already uncovered signs of possible fraud by applicants for Paycheck Protection Program loans.

May 11, 2020 : Wall Street Journal

Feds Announce First Arrests In Country Linked To PPP Loan Fraud

It appears that two New England businessmen took the concept of “free money” way too far.David A. Staveley (a/k/a Kurt D. Sanborn) of Andover, Massachusetts, and David Butziger of Warwick, Rhode Island, have been accused of conspiring to illegally obtain funds through the Paycheck Protection Program (PPP). The PPP offers billions of dollars in potentially forgivable loans to keep workers on the payroll, guaranteed by the Small Business Administration (SBA).

May 10, 2020 : Forbes

Tackling Surging Scams in 2020

It’s hard to miss the many reports and discussions around scams in the wake of Covid-19. Featurespace explores the current state of scams and how data science can respond to keep consumers and businesses safe. Steve Goddard, Fraud Market Expert, will discuss social engineering and the evolution of scams. Tom Flowerdew, Lead Data Scientist, will chime in with how adaptive modeling handles this evolving threat and the data and behaviors to focus on.

May 6, 2020 : Feature Space

‘EventBot’ comes online amid flurry of regularly updated banking trojans

Over the last several weeks, a group of unidentified hackers have been methodically testing a new piece of code designed to steal credentials people use to log into banks and other financial institutions. Like many a product developer, the hackers have been fine-tuning the malicious software to make it more effective in siphoning off data from a mobile phone.

April 30, 2020 : Cyberscoop

Conducting Pandemic Risk Assessments: What Banks Need to Know

Everyone who works in compliance understands the need for flexibility and adaptability. More often than not, new laws are enacted by state legislatures at the stroke of midnight or beyond. These new requirements are often effective immediately, with no lead time and scant guidance on implementation. It is the job of the legal and compliance professionals to figure it out so businesses can operationalize the requirements.

April 30, 2020 : ABA Journal Risk & Compliance

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