FinCEN Director Kenneth Blanco reviewed (i) recent trends in pandemic-related fraudulent activity, (ii) FinCEN's response and (iii) recent rulemakings and alerts aimed at combating cyber threats.
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FinCEN alerted financial institutions to indicators of COVID-19-related cybercrime. The alert concerns (i) the exploitation of remote platforms, particularly against financial and healthcare systems, (ii) phishing, malware and extortion schemes, and (iii) business email compromise fraud.
The Treasury Department urged financial institutions to be on alert for malicious or fraudulent transactions, and to notify FinCEN of any potential delays in submitting Suspicious Activity Reports.
The New York Department of Financial Services adopted final revisions to its new cybersecurity regulations, which apply to a wide range of insurance, banking and financial services companies.