The economic crisis caused by the COVID-19 pandemic created an unprecedented opportunity for financial crime. With the release of the Coronavirus Aid, Relief, and Economic Security (CARES) Act in 2020 and subsequent American Rescue Plan Act in 2021, fraudsters targeted vulnerable Americans with lucrative scams involving economic stimulus payments.
This engaging Spotlight describes how Verafin rapidly developed and deployed agents to detect and prevent COVID-19-related Wire Fraud, Stolen Stimulus Payments, Unemployment Benefit Fraud and Small Business Administration (SBA) Loan Fraud during the COVID-19 pandemic, helping financial institutions prevent considerable losses.