FinCEN Issues A Notice On Cybercrime Occurring During COVID-19
FinCEN Issues A Notice On Cybercrime Occurring During COVID-19
July 31, 2020
FinCEN Issues A Notice On Cybercrime Occurring During COVID-19
FinCEN Issues A Notice On Cybercrime Occurring During COVID-19
July 31, 2020

Financial Crimes Enforcement Network (FinCEN), the US government agency, has issued a notice on cybercrime occurring during COVID-19.

On July 30, FinCEN stated:

“Many illicit actors are engaged in fraudulent schemes that exploit vulnerabilities created by the pandemic.”

The agency added:

“This advisory contains descriptions of COVID-19-related malicious cyber activity and scams, associated financial red flag indicators, and information on reporting suspicious activity.”

It has been reported that FinCEN’s advisory comes after a large-scale Twitter breach affected many top accounts, including Joe Biden, Elon Musk, and Bill Gates.

However, cybercrime has been on the rise since COVID-19 preventive measures took flight in March, up 75%.

FinCEN said:

“This advisory is intended to aid financial institutions in detecting, preventing and reporting potential COVID19-related criminal activity.”

Thus, FinCEN added:

“This advisory is based on FinCEN’s analysis of COVID-19-related information obtained from Bank Secrecy Act (BSA) data, open source reporting and law enforcement partners.”

Source: Cointelegraph | Image: Live Science



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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.