| FRAUD AWARENESS |
It seems like each day something new is happening in our world in regard to COVID-19. At the same time, we all need to be extra alert and aware of online scammers and fraudsters, they are coming out of the wood work! Please be very cautious before clicking on any emails that say COVID or look suspicious. Make sure you know and trust the sender. If not, hit Delete!
As many Americans are faced with working from home, we want to remind you the fraudsters are also working hard to trick you and steal your data. Below are articles and tips of things to be aware of during this time of crisis.
BEWARE OF THESE: PCRIsk.com & Corona-Virus-Map.com - Trojans are being distributed through infected email attachments, malicious online ads, social engineering and software vulnerabilities through corona virus maps.
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| REGULATORY & OTHER GUIDANCE |
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It’s important to us to make sure you are kept up-to-date of any regulatory changes or guidance that would be important for your financial institution, no matter what shape or size. This information is being updated daily, make sure to check back on a frequent basis.
The National ACH network, Nacha, has put together information regarding ACH Network operations related to the current COVID-19 situation including all of the Operations Bulletins, articles, and helpful links
ACH Resources During Pandemic:
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Frequently Asked Questions: ACH Network Rules Pandemic FAQs
Nacha has prepared the following guidance to all Financial Institutions in the Risk Management Portal. They are asking Financial Institutions to contact UMACHA with any question at 1-800-348-3692 or email at info@umacha.org
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Alert on Two ACH Payment Topics Related to the Coronavirus Emergency
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State Tax Agencies ACH Debits Scheduled for April 15
Following the IRS lead, many state tax agencies recently have provided taxpayer relief by extending the deadline for remitting tax payments beyond April 15, 2020. However, some state taxpayers have already filed tax returns and authorized payment via ACH debit scheduled for April 15. Financial Institutions Might be impacted
Find a listing of COVID-19 related state filing extensions here
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CARES Act Provider Relief Fund
Although relatively unheralded in comparison to Economic Impact Payments, the CARES Act provided for $100 billion in relief funds to hospitals and other healthcare providers on the front lines of the coronavirus response. This funding will be used to support healthcare-related expenses or lost revenue attributable to COVID-19 and to ensure uninsured Americans can get testing and treatment for COVID-19. An initial $30 billion is now being paid out. Payments started arriving today – April 10, 2020 – by ACH credit. Find Additional information here
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The Consumer Financial Protection Bureau (Bureau) has recently released several resources to help consumers take steps to protect their finances during the COVID-19 pandemic, including how to avoid financial scams and submit complaints to the Bureau. The Bureau is regularly updating its content to meet the needs of consumers confronting COVID-19. Following are links to the information available for consumers:
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| TRUSTED RESOURCES |
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CARES Act Economic Impact Payments Communications Tool Kit
As a resource to mitigate fraud risk, financial institutions are encouraged to utilize the Treasury's Check Verification Application when cashing or accepting a Treasury check for deposit. This free tool is available at https://tcva.fiscal.treasury.gov. Treasury's Check Verification Application will allow financial institutions to verify checks they receive, and it will provide one of the following responses:
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U.S. Treasury Check was issued for the amount entered.
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U.S. Treasury Check has already been paid.
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The amount entered does not match Fiscal Service records.
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No match
For more information about the Treasury’s Check Verification Application capabilities, please contact Fiscal Service at (855) 868-0151, option #1 or paymentintegrity@fiscal.treasury.gov
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| PARTNER EDUCATION |
WEBINAR RECORDING: Pandemic Preparedness and Protocol for what to do at your Financial Institution
Speaker: Becky Frederick, Compliance & Audit Consultant, MN Credit Union NetworkWithout causing panic, are you prepared to react to a pandemic in your town, city, region, state? Join us to hear from the experts on what you REALLY need to do to be prepared!FREE to Members | $175 for Non-Members
Available in the On-Demand Library Now - Order Today
Members: The Link to This Webinar can be found on the Members Only Page For Immediate Viewing Under the FREE UMACHA Webinars for Members header: Members Only
(All you need to do is make sure you are logged in!)
https://www.mncun.org/page/Coronaviruspdate
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2020 Security Series: COVID 19 Scams To Be Aware Of! (Presented by FRPA) Recorded 04/2020
Speakers: Kate Cole, AAP & John McCullough - FRPA
We have teamed up with the Financial & Retailers Protection Association (FRPA) to help you Learn about scams associated with COVID 19 that you need to be aware and to help your customers from falling victim to any of them.
There are new BEC scams, SBA loan scams, Formjacking and other ways that fraudsters are trying to capture your customers information as they are entering more data online. Join UMACHA and the FRPA for a valuable 90 minutes of great information to ward off the fraudsters
Available in the On-Demand Library Now - Order Today
Member & Non-Member Price: $150
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| THE PAYMENTS PROFESSOR |
Kevin Olsen, SR. Vice President Payments Solutions at VSoft is also known as “The Payments Professor”, whom we have partnered with on the Faster Payments Topic, has some great information about processing ACH during a Pandemic:
Corona Virus and ACH Excused Delay Late Returns....Processing in a Pandemic |
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