Newsroom
FinCEN issues notice on coronavirus vaccine-related fraud
The Financial Crimes Enforcement Network (FinCEN) Monday alerted financial institutions about the potential for fraud, ransomware attacks, and similar types of criminal activity related to coronavirus vaccine distribution. The agency also provided specific instructions for filing suspicious activity reports (SARs).
Of note, FinCEN asks those filing SARS to reference “FIN-2020-NTC4” in SAR field 2 and add further explanation in the narrative section.
In the notice, the agency highlights that coronavirus vaccine fraud may include "the sale of unapproved and illegally marketed vaccines, the sale of counterfeit versions of approved vaccines, and illegal diversion of legitimate vaccines," highlighting that fraudsters have offered – for a fee – to provide potential victims with the vaccine sooner than outlined under the current vaccine distribution plan.
FinCEN has indicated that it is aware of ransomware directly targeting vaccine research and has asked financial institutions to stay alert to ransomware targeting vaccine delivery operations and the supply chains required to manufacture the vaccines, as well as phishing schemes.
Additional information regarding pandemic-related fraud, including advisories and notices, can be found on FinCEN's website. Financial institutions are also encouraged to register for FinCEN updates.
Stay tuned for updates via NAFCU Today.