Treasury's Crime Network Warns of Rise in COVID-19 Scams

According to the alert, several federal agencies have detected fraudulent COVID-19-related cures, tests, vaccines and associated services being offered to the public.

For instance, the Department of Justice set up the Hoarding and Price Gouging Task Force on March 24 to address COVID-19-related market manipulation, hoarding and price gouging.

DOJ has spotted individuals selling surplus items or newly acquired bulk shipments of goods, such as masks, disposable gloves, isopropyl alcohol, disinfectants, hand sanitizers, toilet paper and other paper products at inflated prices because of the COVID-19 pandemic.

Payment methods vary by scheme and can include the use of prepaid cards, money services businesses, credit card transactions, wire transactions or electronic fund transfers, the alert states.

BSA data, as well as information from other federal agencies, foreign government partners and public sources indicate possible illicit activities related to the COVID-19 pandemic that also involve price gouging and hoarding of medical-related items, such as face masks and hand sanitizer.