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.
US, UK, Canada: Russian Hackers Targeting COVID-19 Research
Government officials in the U.S., U.K. and Canada issued a joint advisory Thursday warning that the Russian hacking group APT29 – also known as “Cozy Bear” and the “Dukes” – is targeting research organizations in those countries involved in COVID-19 vaccine development.
July 16, 2020 : Info Risk Today
Tuesday Regulatory Update: The Winds of Fraud
The Internal Revenue Service and the Treasury Department provided guidance to employers requiring them to report the amount of qualified sick and family leave wages they have paid to their employees under the Families First Coronavirus Response Act on Form W-2.
July 14, 2020 : CFO Magazine
US Secret Service Establishes Cyber Fraud Task Force to Combat Financial Crimes Conducted via the Internet
The US Secret Service, a federal law enforcement agency operating under the Department of Homeland Security and responsible for conducting criminal investigations and protecting the country’s leaders and their family members, has established the Cyber Fraud Task Force (CFTF).
July 13, 2020 : Crowdfund Insider
Analysis: Monitoring the Risks Posed by Remote Workers
The latest edition of the ISMG Security Report analyzes the surge in the use of employee monitoring tools for the increasingly remote workforce.
July 10, 2020 : Bank Info Security
COVID-19 Relief Programs: Recent Criminal Enforcement and Anticipated Trends
From the inception of the CARES Act and the first distributions of its relief funds, the Department of Justice (DOJ) has made clear that targeting fraud schemes, which seek to exploit the COVID-19 crisis, is a top law enforcement priority.
July 9, 2020 : National Law Review
The coronavirus crisis is increasing the risk of bank fraud. Here’s how banks can play defense
Banks have enjoyed something of an unlooked-for reprieve during the COVID-19 crisis. Over the last decade, the industry was subject to increased regulatory scrutiny and public scorn triggered by misconduct scandals. During the coronavirus shutdown, however, banks have been critical partners to policymakers struggling to prevent a full-blown depression.
July 7, 2020 : Fortune
HSBC banks on startup for AI guardrails during coronavirus crisis
The bank is using software from startup CognitiveScale to monitor its AI algorithms for bias, data drift, and other business risks, says CIO Gavin Munroe.
July 6, 2020 : CIO
Five ugly ways scammers take advantage of your COVID-19 stimulus payment
Fraudsters are all too willing to take advantage of our goodwill. Federal stimulus payments issued during the coronavirus are a magnet for identity theft.
July 6, 2020 : Security Boulevard
Rising to the Challenge
After months of growing all-too-familiar with the interior of my home—and the aisles of the local grocery store where toilet paper, hand sanitizer and all-purpose flour are stored, or not—it’s hard to think back on what I had planned to be doing before COVID-19 became a reality and rapidly changed how our nation lived and worked. In that pre-virus world, I anticipated traveling around the country talking with bankers from Mississippi to Wisconsin about the challenges they were facing at their banks—and what the American Bankers Association could do to help.
July 3, 2020 : ABA Journal
Lessons from COVID-19 Cyberattacks: Where Do We Go Next?
Cyber actors have shown us during the pandemic that they will let no opportunity go by without trying to take advantage. We’ve seen them prey upon the fear and concern around COVID-19 with phishing attacks, and capitalize on security weaknesses as organizations switched to remote work scenarios. And it’s had a significant impact on security professionals’ roles — a recent survey from (ISC)² found that 81% of respondents said their job function had changed during the pandemic.
July 2, 2020 : Dark Reading
Brute-Force Attacks Targeting RDP on the Rise
Since the start of the COVID-19 pandemic, the number of brute-force attacks targeting remote desktop protocol connections used with Windows devices has steadily increased, spiking to 100,000 incidents per day in April and May, according to an analysis by security firm ESET.
June 30, 2020 : Info Risk Today
Chase customers’ money vanishes from some bank accounts
A social media storm kicked up late Saturday and Sunday as Chase banking customers panicked when it seemed as if money suddenly vanished from their bank accounts.
June 29, 2020 : Detroit Free Press
COVID-19 Impacts to CUs, Members & Communities: Webcast Recap
As the credit union industry moves through the initial shock waves of the COVID-19 disruption, industry leaders are rapidly adjusting their operations. At the same time, “next practices” are beginning to take shape.
June 26, 2020 : Credit Union Times
FBI Warns of Potential Fraud in Antibody Testing for COVID-19
Scammers are marketing fraudulent and/or unapproved COVID-19 antibody tests, potentially providing false results. In addition, fraudsters are seeking to obtain individuals’ personal information (names, dates of birth, Social Security numbers, etc.) and personal health information, including Medicare and/or private health insurance information, which can be used in future medical insurance or identity theft schemes.
June 26, 2020 : FBI
Revamped IcedID Banking Trojan Campaign Uses COVID-19 Lure
Fraudsters are now deploying the IcedID banking Trojan via phishing campaigns that use the COVID-19 pandemic as one of several lures, according to Juniper Threat Labs.
June 23, 2020 : Bank Info Security
Could selfies be the key to fighting COVID-19 fraud?
From social media scams to fake government texts, phishing links in business emails and false phone calls, fraud has risen sharply since the start of the COVID-19 pandemic. More than 2,500 scams had been reported to investigators in the UK by the start of April alone.
June 23, 2020 : Finextra
CUNA Forms COVID-19 Task Force, Aims to Become Resource for Credit Unions
In an effort to address the ongoing coronavirus pandemic’s impact on credit unions and the economy, CUNA announced the formation of the “COVID-19 Restart and Recovery Task Force” on Friday.
June 19, 2020 : Credit Union Times
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
