COVID-19 Banking Fraud Attack Resources Center

COVID-19 Banking Fraud Attack Resources Center2020-08-24T12:56:52+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

Scammers could be pilfering $26 billion in fraudulent coronavirus pandemic unemployment claims: Labor Department Inspector General

Fraudsters are more aggressively targeting COVID-19-related unemployment insurance benefits designated for out-of-work Americans, government officials and nonprofits warn, lured by the more generous payouts the federal government is doling out because of the pandemic.

June 16, 2020 : ACFCS

What The COVID-19 Pandemic Is Revealing About Grocery’s Online, Mobile Future

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

Three Risk Management Steps to Take Now to Prepare for Post-PPP Scrutiny

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

COVID-19 Drives Spike in Mobile Phishing Attacks: Report

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

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