As the federal government takes financial actions in response to the COVID-19 outbreak, consumers should be wary of fraudulent solicitations that appear to be made with the approval or involvement of the Federal Reserve, Federal Reserve officials, or other U.S. government officials. Such offers often promise bogus financial services or sums of money in exchange for either payment or personal information that is used later to commit fraud or theft.
The Federal Reserve provides banking services only to banks, not individuals, and does not communicate directly with consumers on financial matters. There are no individual accounts in Federal Reserve Banks and the Fed has no involvement in these solicitations.
Consumers also should be especially wary of fraudulent solicitations in general. These scams often take the form of e-mail messages, letters, and telephone calls that seek to obtain an individual's personally identifiable information that is later used to commit fraud or theft.
Consumers are strongly urged to verify the legitimacy of potential service providers before entering into a business transaction. Individuals who suspect their personal financial information has been compromised should contact their financial institution and law enforcement officials.
Additional Resources
AARP:
Coronavirus Scams Spread as Fraudsters Follow the Headlines
Bankrate:
3 Types of Coronavirus Scams to Watch Out For
Consumer Reports:
How to Avoid Coronavirus Phishing Scams
Department of Homeland Security - The Cybersecurity and Infrastructure Security Agency (CISA):
Defending Against COVID-19 Cyber Scams
Federal Trade Commission:
Coronavirus Scams – What the FTC is Doing
FTC: Coronavirus Scams, Part 2
Forbes:
Coronavirus Scams: Watch Out For These Efforts To Exploit The Pandemic
Microsoft:
Protecting Against Coronavirus Themed Phishing Attacks
National Cyber Security Alliance:
COVID-19 Security Resource Library
US Department of Justice:
World Health Organization:
COVID-19 and the St. Louis Fed: A message from President Bullard
