COVID-19 Banking Fraud Attack Resources Center2020-12-17T00:14:40+00:00

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.

Large Bank Stress Tests to Assess Industry Performance Under COVID-19 Scenarios

The latest stress test results for the nation’s largest banks will include a “sensitivity analysis” of how institutions would perform under three distinct scenarios related to the coronavirus pandemic and economic recovery, Federal Reserve Vice Chairman for Supervision Randal Quarles said today. The Fed is conducting this sensitivity analysis in addition to its normal Comprehensive Capital Analysis and Review process, which includes a “severely adverse” scenario that was published in February 2020 before the pandemic began.

June 19, 2020 : ABA Banking Journal

COVID-19 Makes Now a Good Time for Banks to Think about a Cloud-Based Approach

If there is one thing that we are hearing repeatedly during the pandemic it is that digitalization of financial and operational processes has moved to the forefront of project imperatives. In this circumstance, the bright, shining light of scrutiny is focused on analog shortcomings in so many ways, as BCPs are tested and businesses adapt.

June 18, 2020 : Payments Journal

Here are the states hit hardest by coronavirus scams

Americans have lost nearly $50 million in scams and fraud schemes related to the coronavirus pandemic since the beginning of the year, according to the Federal Trade Commission.The agency has received over 67,800 complaints regarding fraud schemes related to Covid-19 from consumers, with about 46% saying they lost money in a scam. On average, victims lose about $450.

June 16, 2020 : CNBC

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