by Ahsan Habib
The coronavirus (COVID-19) outbreak is causing widespread concern and economic hardship for consumers, businesses and communities across the globe. The situation is changing quickly with widespread impacts. Cyber hackers hit the U.S. Health and Human Services Department with an attack few days back during a presentation and update on the nation’s response to the coronavirus pandemic. Historically these criminals and hackers are as callous as they are opportunistic. We must also be wary of official-looking emails telling bank/FI staff to click on a link to learn more about how to stop the spread of the virus. Financial Crime Watchdogs across the globe has already warned about skimping on Anti Money Laundering and advised to be wary of the incoming flood of fraud. Financial institutions have been advised to remain alert about malicious or fraudulent transactions similar to those that occur in the wake of natural disasters.
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