During times of uncertainty, fraudsters find new avenues to exploit. This is especially true during the COVID-19 pandemic. To help combat the scams that are often born out of these times of crisis — CUNA, AACUL and ABA — the organizations that serve financial institutions have created their own resource pages to keep bank and credit union leaders informed. These pages are curated daily to provide the most up-to-date news and tips.
CUNA, AACUL Share Credit Union Resources
The credit union associations have shared tips and resources about the economic impact of COVID-19, how the businesses is responding, compliance questions, cybersecurity and remote banking — along with tips on member communication and best practices.
• Credit Union Resources
• Ongoing Credit Union-Related COVID-19 New Coverage
ABA Shares News for Banks, List of Common Financial Scams
The American Banker Association has also created a page that has daily curated news to share guidance from financial regulatory agencies and situational assessments from public health officials. This resource also ncludes business continuity planning recommendations as well as guidance on how to communicate with employees, customers and the public.
• ABA COVID-19 Resource Page
Common Fraud Scams
- Phishing and supply scams. Scammers impersonate health organizations and businesses to gather personal and financial information or sell fake test kits, supplies, vaccines or cures for COVID-19.
- Stimulus check or economic relief scams. There are reports that the government will help to ease the economic impact of the virus by sending money by check or direct deposit. However, the government will NOT ask for a fee to receive the funds, nor will they ask for your personal or account information.
- Charity scams. Fraudsters seek donations for illegitimate or non-existent organizations.
- Delivery of malware through “virus-tracking apps” or sensationalized news reports.
- Provider scams. Scammers impersonate doctors and hospital staff and contact victim claiming to have treated a relative or friend for COVID-19 and demand payment for treatment.
- Bank/FDIC scams: Scammers impersonate FDIC or bank employees and falsely claim that banks are limiting access to deposits or that there are security issues with bank deposits.
- Investment scams often styled as “research reports,” claiming that products or services of publicly traded companies can prevent, detect, or cure COVID-19.
The ABA also offers 10 Tips on becoming a victim of credit card fraud.
