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FinCEN Warns on Coronavirus Scams Demanding Crypto
FinCEN is warning cybercriminals are exploiting the COVID-19 pandemic, and asks firms to be especially vigilant regarding their dealings with virtual currencies.
The Financial Crimes Enforcement Network (FinCEN) issued a warning on COVID-19 related financial scams on Thursday.
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- Firms dealing with virtual currencies need to be especially careful as their services might be used to launder funds collected from illicit activity, the regulator said.
- The advisory added attackers have been using phishing emails, malware and ransomware to carry out such attacks.
- Referring to last month’s massive Twitter hack, FinCEN said the cybercrime techniques could also be applied to a larger attack involving social media.
- That attack, which took over multiple big-name Twitter handles, involved a scam message seeking bitcoin for COVID-19 relief that would supposedly be doubled and donated.
- According to a list of red flags compiled by FinCEN, indicators that can be used to identify fraudulent activity include unsolicited emails with attachments, text messages with embedded links, unusual URLs linked in emails and attached email images that seem to be digitally altered.
- The warning added the shift to remote work has increased the vulnerability of firms to such attacks, and that cybercriminals have been targeting weak log-in processes by using digitally altered identity documents to gain access to sensitive information online.
Also read: Twitter Says ‘Phone Spear Phishing’ Let Hackers Gain Employee Credentials
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Crypto Industry Asks President Trump to Stop JPMorgan’s 'Punitive Tax' on Data Access
A coalition of fintech and crypto trade groups is urging the White House to defend open banking and stop JPMorgan from charging fees to access customer data.
What to know:
- Ten major fintech and crypto trade associations have urged President Trump to stop big banks from imposing fees that could hinder innovation and competition.
- JPMorgan's plan to charge for access to consumer banking data may debank millions and threaten the adoption of stablecoins and self-custody wallets.
- The CFPB's open banking rule, which mandates free consumer access to bank data, is under threat as banks have sued to block it, and the CFPB has requested its vacatur.
