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.
Consumers who were once loyal to in-store grocery shopping are now going digital to avoid visiting stores during the pandemic. To keep these “digital shifters” loyal, grocers must replicate their in-store experience on digital channels, says John Ross, CEO of the Independent Grocers Alliance. In the latest Commerce Connected Playbook, Ross discusses the challenges that come with enabling that experience — and how merchants can overcome them.
June 8, 2020 : PYMNTS
The banking industry did a stand-up job responding to the federal government’s urgent request that it facilitate the funding of the Small Business Administration’s Paycheck Protection Program loans. The industry was called upon to work quickly (within a few days) to fund hundreds of billions of dollars of loans to American businesses—all through a government bureaucracy that normally handles a small fraction of the loan volume in a full year.
June 4, 2020 : ABA Risk and Compliance
The shift to working from home during the COVID-19 pandemic has led to an increase in mobile phishing campaigns, with attackers targeting remote workers whose devices lack adequate security protections, according to the security firm Lookout. Many of these campaigns are designed to steal users’ banking credentials.
June 4, 2020 : Bank Info Security
Five data breaches that occurred earlier this year pose the greatest risk for scams relating to the ongoing COVID-19 pandemic, according to the inventor of a cybersecurity algorithm.
June 2, 2020 : Credit Union Times
More than 2,000 victims lost money through fake goods sold online, cold-calls, SMS messages and other types of types of fraud, according to the UK agency Action Fraud, which enables people to report if they are a victim of cybercrime or fraud.
May 31, 2020 : Forbes
According to the CFPB, mortgage and credit card complaints were at the top of the list of the more than 72,000 complaints filed during those two months. The report noted that the “historically higher” number of complaints mentioned the coronavirus, COVID-19 or related terms. Of the complaints filed, more than 4.500 were virus-related issues.
May 26, 2020 : Credit Union Times
When a reliable method of scamming money out of people, companies or governments becomes widely known, underground forums and chat networks tend to light up with activity as more fraudsters pile on to claim their share. And that’s exactly what appears to be going on right now as multiple U.S. states struggle to combat a tsunami of phony Pandemic Unemployment Assistance (PUA) claims.
May 23, 2020 : Krebs on Security
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
The U.S. Treasury’s Financial Crimes Enforcement Network is alerting financial institutions about surging COVID-19 themed scams and other “illicit activities,” ranging from medical-related fraud involving the sale of fake cures, tests and vaccines to price gouging for supplies.
May 19, 2020 : Bank Info Security
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
A well-organized Nigerian crime ring is exploiting the COVID-19 crisis by committing large-scale fraud against multiple state unemployment insurance programs, with potential losses in the hundreds of millions of dollars, according to a new alert issued by the U.S. Secret Service.
May 16, 2020 : Krebs on Security
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
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
Fraudsters are honing their phishing emails tied to the COVID-19 crisis, using fake messages about business continuity plans and new payment procedures to spread the LokiBot information stealer, Microsoft researchers report.
May 14, 2020 : Bank Info Security