The FBI gave testimony to the Senate Judiciary Committee on the uptick of COVID-19 related fraudulent schemes. Among recent claims noted were those involving banks and their customers, PPP loans and funds, and advanced fee and business email compromise schemes. Encourage employees and customers to remain vigilant and aware of these increasing scams.

We have seen a recent uptick in HELOC loan fraud as criminals find new ways to target your banks and your customers. Over the past few months, we have worked on multiple claims totaling well over $1 million in losses. This SafeTalk article describes 3 recent claims and offers suggested steps that can be taken to mitigate HELOC related fraud.

BYOD policies can add another layer of protection to your systems, enhance data security, and protect your own employees’ devices and information. Please be sure to remind employees that if they are using their personally-owned systems or devices for business purposes, they may be subject to the same controls that apply to your organization’s owned devices.

There has been an increase in fraudulent schemes related to the current pandemic. Tack on underlying stress, and the ideal environment has been created for fraudsters, who are taking full advantage of potential vulnerabilities brought on by the rapid deployment of a remote workforce, including employees who may be less vigilant. Review the following with your employees to help prevent fraud

Hackers are using the coronavirus (COVID-19) pandemic as an opportunity to steal or ransom data by luring users into clicking on malicious links in emails or social media posts about the virus, or in communications appearing to be from the “home office” while employees are working from home. With the surge in remote work increasing the cyber risk to organizations, as strictly online communication makes it easier for cyber criminals to initiate social engineering schemes, here are some tips to help protect your organization:

We review key points of the FFIEC's "Interagency Statement on Pandemic Planning," which provides guidance on business continuity management plans and identifies specific actions that a financial institution should take to mitigate the effects of a pandemic.

During tax season, you and your bank are more likely to see fraudulent tax refund checks. Be alert for checks that have been altered, counterfeited or stolen. Share these tips with your staff.

With the holiday season in full swing, many companies are hosting events with alcoholic beverages provided. Business owners and managers should recognize that there is a legal liability associated with providing alcohol at these types of events that is not entirely unlike the risks borne by your local tavern owner or caterer.

A PIN bulletin issued by the FBI reports cyber criminals are attempting to use social engineering and other schemes to bypass the multi-factor authentication security protocols commonly used by banks and other businesses. As "multi-factor authentication continues to be a strong and effective security measure,” a most important step to fortify defenses is to educate employees about the pervasive problem of online crime.

Webinar recording: Lisa Micciche and Ann Gardiner of ABA Insurance Services focus on critical best practices that bank staff can take so that they can actively protect their customers’ identities, accounts and funds.