US Financial Crimes Enforcement Network issues its first advisory on COVID-19-related medical scams for financial institutions


Instances of frauds and scams related to medical supplies have been on the rise amid the COVID-19 pandemic. These schemes include selling of fake medical supplies including sanitizers and masks, fraudulent cures, price gouging and hoarding etc.

To keep such schemes at bay, the US Financial Crimes Enforcement Network (FinCEN) has issued an advisory so that financial institutions are aware of this growing challenge. FinCEN’s advisory provides descriptions of the medical scams related to COVID-19. It also provides details on reporting and filing any suspicious activity.

FinCEN strives to provide support through analyses and intelligence so that financial institutions can better identify, prevent and report suspicious activities. It will issue more such advisories in the future to provide updates on financial crimes related to the pandemic.