As COVID-19 vaccination efforts gain momentum across the U.S., many people are hoping that the time has come to resume a relatively normal life after the pandemic. However, the effects of COVID-related scams and cyberattacks continue to increase and target federal efforts for economic relief, as a significant portion of the U.S. population remains vulnerable. This is unlikely to change anytime soon.
In February, FinCEN released an advisory, Financial Crimes Targeting COVID-19 Economic Impact Payments (FIN-2021-A002), alerting financial institutions to the potential for fraud, ransomware attacks, or similar types of criminal activity related to COVID-19 stimulus relief related to the Economic Impact Payments (EIPs). The House has passed another $1.9 trillion emergency relief package, which is expected to be approved by the Senate and sent to President Biden soon. This type of EIP criminal activity may escalate.