Compliance and Coronavirus

Ray Dookhie on Unemployment Fraud During the Era of Covid-19

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Welcome to the newest addition to the Compliance Podcast Network, Compliance and Coronavirus. In this episode, I am joined by Ray Dookhie, Managing Director at K2 Intelligence FIN. Ray returns to discuss the recent FinCEN alert on unemployment fraud and the evolving fraud risks brought on by Covid-19. 

Some of the highlights include: 

  • We are now some 8 months into the pandemic and the challenges financial institutions face have morphed. What are some examples?
  • Recently Treasury Department’s Financial Crimes Enforcement Network issued an advisory on unemployment fraud. What is the significance of this release?
  • What is this type of fraud?
  • Why is Unemployment insurance a prime target for fraudsters?
  • What are some of the red flags?
  • Why are Financial institutions effectively at the front lines against the fight against fraud?
  • If a financial institution detects suspicious payments or other evidence, what should they do?

    • Resources

    For more on current fraud risk, see Fraud’s Perfect Storm: Mitigating Risk in a Global Pandemic by JoAnne Taylor 

    For more on fraud issues around PPP, see PPP Lending—A Unique Compliance Challenge for Banks

     For information and resources on Covid-19, see the K2 Intelligence FIN COVID-19: Resources and Insights

    Read the full FinCEN Alert

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    Compliance and CoronavirusBy Thomas Fox
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