May 19, 2020

Jason G. Weiss Comments on FinCEN’s Warning about COVID-19 Fraud


The U.S. Treasury's Financial Crimes Enforcement Network (FinCEN) recently began alerting financial institutions about the rise of COVID-19-themed scams and other "illicit activities," ranging from medical-related fraud involving the sale of fake cures, tests and vaccines to price gouging for supplies. HealthCareInfoSecurity reports that FinCEN's alert is the first of several advisories the agency intends to issue concerning financial crimes related to the COVID-19 pandemic. The industry publication turned to privacy, cybersecurity and data strategy counsel Jason G. Weiss for insight on the matter.

Weiss told the publication that "FinCEN is correct in its assertion that there will be a huge increase in all types of cybercrimes, especially related to medical scams and related cyberattacks.”

He added, "Fear is the greatest motivator of the criminal element because scared people tend to panic easier and make simpler mistakes, opening themselves up to even more devastating cyberattacks for themselves, their families or their businesses. Cyber preparedness and awareness are the great remedies to these cyber maladies. In times as difficult as today, between a struggling economy and a worldwide pandemic, people will really need to dig deep and prepare themselves against cyberattacks."

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