RECENT FINCEN ADVISORIES ON MEDICAL AND CONSUMER FRAUD SCAMS RELATED TO THE COVID-19 PANDEMIC

On 29 July, a briefing from Crowell & Moring said that FinCEN has issued 2 advisories to alert financial institutions to scams related to the COVID-19 pandemic, and has stated that it intends to continue to issue similar alerts. FinCEN issued an alert on 7 July describing indicators of imposter scams and money mule schemes, which FinCEN said illicit actors are using to take advantage of the COVID-19 pandemic. On 18 May, it issued an advisory alerting financial institution to the rise in medical scams related to the pandemic. The briefing considers the alerts, red flags and indicators etc. It says that the FinCEN guidance throughout the COVID-19 pandemic makes clear that the agency expects financial institutions to remain vigilant against efforts by fraudsters and other bad actors to take advantage of the pandemic.

https://www.cmtradelaw.com/2020/07/recent-fincen-advisories-on-medical-and-consumer-fraud-scams-related-to-the-covid-19-pandemic

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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