BSA Beat - August 2020

FinCEN Issues Advisory on Cybercrime and Cyber-Enabled Crime Exploiting the COVID-19 Pandemic

On July 30, 2020 the Financial Crimes Enforcement Network (FinCEN) published an advisory to alert credit unions to potential indicators of cybercrime involving illicit actors engaged in fraudulent schemes that exploit vulnerabilities created by the pandemic. FinCEN identifies and describes harmful techniques such as targeting remote platforms and processes, use of phishing, malware and extortion and business email compromise schemes. The advisory outlines red flags for these activities and requests credit unions reference the advisory in any related suspicious activity reports (SARs).