Regulatory Alerts2020-07-07
Advisory on Imposter Scams and Money Mule Schemes Related to Coronavirus Disease 2019 (COVID-19)
The Financial Crimes Enforcement Network (FinCEN) issued this advisory to alert financial institutions to specific indicators of imposter scams and money mule schemes exploiting the COVID-19 pandemic. The document details red flag indicators for these frauds, such as impersonation of government agencies for stimulus payments and recruitment of unwitting or complicit money mules through fake employment offers. FinCEN requires institutions to reference this advisory using the key term “COVID19 MM FIN-2020-A003” in Suspicious Activity Report narratives and select the appropriate fraud type codes to enhance detection and reporting efforts.
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