In the past weeks, COVID-19 (“Coronavirus”) has affected nearly every aspect of day-to-day life. To combat the pandemic, businesses have already taken many steps. Most have needed to work toward constant cleanliness and reassure customers through email. The travel industry has offered incentives for customers to keep traveling, while constantly providing updates on the virus. Business emails, news programs, social media and even grocery store small talk cannot avoid the topic. As such, people around the world have given and received information and advice on almost every facet of the virus, from preventative measures and latest cancellations to the status of toilet paper at Costco.
Sometimes it seems as if there is as much misinformation as there is information. While most of us do our best to filter through the advice they find helpful or ludicrous, that general sense of public unease and concern offers an opportunity for scammers to shine. Financial institutions must consider whether they are inoculating themselves for the onslaught of crime designed to take advantage of the confusion.
The Virus of Coronavirus Scams
Financial institutions might think that COVID-19 is out of their control or focus. But amid the chaos and confusion, it is the duty of all financial institutions to protect customers from the scams that have likely already started.
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