Regulatory Alerts2020-05-18
Advisory on Medical Scams Related to the Coronavirus Disease 2019 (COVID-19) (FinCEN Advisory FIN-2020-A002)
The Financial Crimes Enforcement Network issues this advisory to alert financial institutions to rising medical scams related to the COVID-19 pandemic, including fraudulent cures, non-delivery schemes, and price gouging. The document provides specific financial red flag indicators and case studies to help institutions detect, prevent, and report suspicious transactions associated with these illicit activities. FinCEN requests that financial institutions reference this advisory in Suspicious Activity Reports by including the key term "COVID19 FIN-2020-A002" and selecting the appropriate fraud type.
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