Treasury’s Financial Crimes Enforcement Network (FinCEN) warned financial institutions late Monday about the rising medical scams related to the COVID-19 pandemic.
The alert, the first of several advisories FinCEN plans to issue on financial crimes related to COVID-19, also contains information on reporting suspicious activity and highlights fraud red flags.
A companion notice was also issued by FinCEN providing filing instructions for financial institutions, which will serve as a reference for future COVID-19 advisories.
FinCEN analyzes COVID-19-related information obtained through public reports, Bank Secrecy Act (BSA) data, and law enforcement partners.
According to the alert, several federal agencies have detected fraudulent COVID-19-related cures, tests, vaccines and associated services being offered to the public.