COVID-19 Scams are on the Rise

4/14/2020

In the last few weeks, coronavirus scams have been on the rise, with fraudsters taking advantage of this unprecedented situation to swindle people and businesses out of their money. The FBI is reporting an increase of fake CDC emails, phishing emails, counterfeit treatments for coronavirus, and more.

Just last week, the Federal Trade Commission reported a rise in fraud schemes targeting small businesses and vulnerable seniors, and the Treasury Inspector General for Tax Administration (TIGTA) urged taxpayers to be on high alert for potential scams related to the coronavirus stimulus relief.

Credit unions around the country are being proactive and educating staff and members on upcoming fraud attempts. As a great example of member protection, Jim Morrell, President and CEO of Peninsula Credit Union in Shelton, Washington, recently sent a video message to members warning them about scams surrounding economic impact payments.

To assist credit unions in remaining hypervigilant in combating fraud, the Northwest Credit Union Association has posted numerous resources for avoiding scams on its Coronavirus Preparation & Response Resources page. Additionally, the NWCUA Compliance Team issues Fraud Alerts regularly, which can be found here.

Please reach out to David Curtis, NWCUA Director, Compliance Services, if you have questions or concerns.

Posted in Public Awareness.