FBI Warns Of Increased Fraud Schemes During Midst of COVID-19 Pandemic

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On Monday, April 13th, the FBI issued an industry alert warning regarding rapidly emerging business email compromise (BEC) schemes related to procurement of personal protective equipment (PPE) and other equipment in short supply in the midst of the current COVID-19 pandemic. The warning reported on evolving schemes and deceptions being committed by criminals looking to capitalize on the current crisis.

These BEC schemes, which our industry refers to commonly as Social Engineering Fraud schemes, include spoofing known email addresses to redirect legitimate payments to other bank accounts. Crisis times such as COVID-19 are perfect storms for fraudsters as they prey on people in companies who feel they need to complete payments quickly or to vendors/partners who they do not traditionally do business with in order to respond to the business pressures of the pandemic. These people are often those who have the best intentions with their actions but sway from their guidelines in hopes of helping combat the pressures.

The FBI suggests several recommendations for organizations to protect themselves during this time. Click here to learn more.

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