WASHINGTON—Financial institutions are being warned to watch for fraud, ransomware attacks and other criminal activity related to the distribution of the coronavirus vaccine.
The warning, from the Financial Crimes Enforcement Network (FinCEN), also provides specific instructions for filing suspicious activity reports (SARs).
Of note, FinCEN asks those filing SARS to reference “FIN-2020-NTC4” in SAR field 2 and add further explanation in the narrative section, NAFCU noted.
In the notice, the agency cautioned coronavirus vaccine fraud may include "the sale of unapproved and illegally marketed vaccines, the sale of counterfeit versions of approved vaccines, and illegal diversion of legitimate vaccines," highlighting that fraudsters have offered – for a fee – to provide potential victims with the vaccine sooner than outlined under the current vaccine distribution plan.
FinCEN has indicated it is aware of ransomware directly targeting vaccine research and has asked financial institutions to stay alert to ransomware targeting vaccine delivery operations and the supply chains required to manufacture the vaccines, as well as phishing schemes.
Credit unions seeking additional information should visit FinCEN's website.