No matter what the crisis is, there are always fraudsters seeking to take advantage of the general public and financial institutions. Without a willing or unwilling victim, these fraudsters would not be able to survive and rake in illegal profits. Unfortunately, the coronavirus pandemic is not immune from these fraudsters. They use traditional fraud pitches to enlist the help of their victims. Corporate C-level officers, legal departments, cybersecurity professionals, banks and individual consumers should take particular notice.

On July 7, the Financial Crimes Enforcement Network (FINCEN) of the U.S. Department of Treasury issued an advisory on imposter scams and money mule schemes related to COVID-19.  FINCEN has identified several consumer frauds that include imposter scams and money mule schemes, where fraudsters deceive victims by impersonating federal government agencies, international organizations or charities. What should you and your company be aware of and what should financial institutions be doing to protect themselves from these schemes?

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