Welcome to the newest addition to the Compliance Podcast Network, Compliance and Coronavirus. In this episode, I am joined by Ray Dookhie, Managing Director at K2 Intelligence FIN. Ray returns to discuss the recent FinCEN alert on unemployment fraud and the evolving fraud risks brought on by Covid-19.
Some of the highlights include:
- We are now some 8 months into the pandemic and the challenges financial institutions face have morphed. What are some examples?
- Recently Treasury Department’s Financial Crimes Enforcement Network issued an advisory on unemployment fraud. What is the significance of this release?
- What is this type of fraud?
- Why is Unemployment insurance a prime target for fraudsters?
- What are some of the red flags?
- Why are Financial institutions effectively at the front lines against the fight against fraud?
- If a financial institution detects suspicious payments or other evidence, what should they do?
Resources
For more on current fraud risk, see Fraud’s Perfect Storm: Mitigating Risk in a Global Pandemic by JoAnne Taylor
For more on fraud issues around PPP, see PPP Lending—A Unique Compliance Challenge for Banks
For information and resources on Covid-19, see the K2 Intelligence FIN COVID-19: Resources and Insights
Read the full FinCEN Alert
