The FBI Warns Of Spike In COVID Related Fraud and Identity Theft: Is Your Financial Institution Protected?

The FBI Warns Of Spike In COVID Related Fraud and Identity Theft: Is Your Financial Institution Protected?

The ongoing COVID-19 pandemic has resulted in massive frauds being committed on individuals, businesses, and banks. The FBI notes that stolen personally identifiable information (PII) is running rampant.

Fraudsters are filing illegal unemployment claims using the names and information from stolen identities.

In fact, the rate of bank fraud using stolen identities has risen a whopping 84% as we battle through the pandemic.

Who is affected? 

  • Individuals whose PII’s were stolen
  • Businesses paying unemployment insurance
  • Banks stuck holding the bag

Criminals obtain stolen PII from data breaches, computer intrusions, phone scams, email phishing schemes and physical theft from individuals or third parties.

Many victims of these frauds don’t even know it’s happened until it’s too late.  Including the banks.

In order to help mitigate the fraud, the FBI is advising you to be on the lookout for the following:

  • Individuals who have not applied for unemployment benefits should check with your state’s unemployment office or the US Labor Department to be sure nobody has applied in your name.
  • If you’re a business owner or bank, keep an eye on communications regarding unemployment claims. Specifically, insurance forms when you know the individual has not applied or has not ever worked for you.
  • Banks and FI’s must identify unauthorized transactions in customer accounts and credit card transactions related to unemployment benefits.

The FBI also advises individuals and institutions monitor bank and credit accounts regularly and immediately report any fraudulent activity. Whether related to unemployment scams or not.

Banks and other financial institutions have an obligation to protect their clients and their margins by instituting preferred anti-fraud systems.  With modern fraud happening in real-time, it’s advised financial institutions utilize real-time fraud detection to fight back.  Before funds are removed from the bank.

ToolCASE LLC, out of Denver, offers the world’s most advanced, real-time financial fraud detection tools.  Their suite of products has proven to detect and stop fraud as it’s happening and before the crooks can get away.

Learn how ToolCASE can stop fraud before it destroys your customer loyalty and your bottom line.




The FBI Warns Of Spike In COVID Related Fraud and Identity Theft Is Your Financial Institution Protected?

You Can Stop Fraud Before It Happens And Safeguard Your Retail Bank From Giant Losses


ToolCASE Logo

ToolCASE is the world’s most advanced transactional AI company.  The retail banking industry’s preferred choice for real-time risk management and fraud detection.  ToolCASE catches financial fraud as it’s happening, before the fraudsters can get away with it.

The ToolCASE suite of real-time fraud detection products can help you eliminate costly losses and boost your bank’s bottom line.

And regardless of the size of your institution, small, regional, or large, ToolCASE is here to help.

The Fraudsters Are Ready For FedNow... Is Your Financial Institution Prepared?Survey Says: Americans More Afraid of Identity Theft Than Murder. What Your Financial Institutions Can Do To Stop It