FINANCIAL FOCUS

Fraud in the Time of COVID-19

By Robert May

Assistant Vice President

Frost Commercial Banking

As 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.

Fraud, of course, is not new, but nals often use a web address which looks opportunistic criminals are constantalmost identical to the legitimate one ly reinventing old schemes to fit new (for example, “xyz.org” instead of “xyz. and changing circumstances, and the com”) to request information or solicit COVID-19 pandemic has spawned dozmoney. ens. Although most of us are aware that • Do not click on email links or open identity and financial fraud exists and email attachments which you were not likely make an effort to stay vigilant, it expecting to receive or which come from seems that no one is immune, regardless an unknown sender. of age, education, income or geography. • Be wary of unsolicited emails

Scams inspired by COVID-19 run offering medical equipment or the gamut, from phishing and spoofing COVID-19-related tests, or requesting that help criminals illegally obtain peryour personal information for medical sonal and financial information from you purposes. Legitimate health authorities by masking their own identity, to charity do not normally contact the general pubscams, medical and health-related scams, lic in this manner. and even fraudulent schemes connected • Independently verify any company to government stimulus payments. or individual offering products or ser

During a time when it is particularvices before doing business with them. ly important to be good caretakers of Likewise, research any charitable orgapersonal and financial information and nization claiming it helps pandemic vicresources, the U.S. Justice Department tims before you donate money has issued some guidance on protecting • Be wary if asked to make a payment yourself, including these important reto a bank account located in country that minders. is different than a company’s stated lo• Be aware of bogus websites. Crimication.

• Be wary of unsolicited telephone calls and e-mails from individuals claiming to be IRS and Treasury employees. Remember that the IRS’s first form of communication is by mail, not by phone. • If you think you are a victim of fraud, contact local law enforcement immediately. Depending on the type of fraud, you may also need to quickly alert your bank, credit card company or other appropriate organizations.

Would you like to talk to a financial professional? Contact Robert May at 713.388.7821 or Robert.May@frostbank.com.

Investment and insurance products are not FDIC insured, are not bank guaranteed, and may lose value.

Brokerage services offered through Frost Brokerage Services, Inc., Member FINRA/SIPC, and investment advisory services offered through Frost Investment Services, LLC, a registered investment adviser. Both companies are subsidiaries of Frost Bank.

Investment management services, financial planning and trust services are offered through Frost Wealth Advisors of Frost Bank.

Additionally, insurance products are offered through Frost Insurance.

Deposit and loan products are offered through Frost Bank, Member FDIC. Frost does not provide legal or tax advice. Please seek legal or tax advice from legal and/or tax professionals.

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