FINANCIAL FOCUS
e m i T e h t n i Fraud 9 1 D I V of CO
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s if navigating the difficulties that COVID-19 has thrown in our way isn’t enough, now law enforcement is reporting that identity and financial fraud is again on the rise with scams that specifically exploit fears and uncertainties about the pandemic.
By Robert May Assistant Vice President Frost Commercial Banking
20 | Mv | September + October 2020
Fraud, of course, is not new, but opportunistic criminals are constantly reinventing old schemes to fit new and changing circumstances, and the COVID-19 pandemic has spawned dozens. Although most of us are aware that identity and financial fraud exists and likely make an effort to stay vigilant, it seems that no one is immune, regardless of age, education, income or geography. Scams inspired by COVID-19 run the gamut, from phishing and spoofing that help criminals illegally obtain personal and financial information from you by masking their own identity, to charity scams, medical and health-related scams, and even fraudulent schemes connected to government stimulus payments. During a time when it is particularly important to be good caretakers of personal and financial information and resources, the U.S. Justice Department has issued some guidance on protecting yourself, including these important reminders. • Be aware of bogus websites. Crimi-
nals often use a web address which looks almost identical to the legitimate one (for example, “xyz.org” instead of “xyz. com”) to request information or solicit money. • Do not click on email links or open email attachments which you were not expecting to receive or which come from an unknown sender. • Be wary of unsolicited emails offering medical equipment or COVID-19-related tests, or requesting your personal information for medical purposes. Legitimate health authorities do not normally contact the general public in this manner. • Independently verify any company or individual offering products or services before doing business with them. Likewise, research any charitable organization claiming it helps pandemic victims before you donate money • Be wary if asked to make a payment to a bank account located in country that is different than a company’s stated location.
