On May 5, FINRA issued Regulatory Notice 20-13, reminding firms to be aware of the heightened threat of frauds and scams during the Covid-19 pandemic. The notice sets forth practices that firms may wish to implement to address risks relating to fraudulent account openings and money transfers, including a customer identification program, steps to monitor for fraud during account opening, bank account verification and restrictions on funds transfers, ongoing monitoring of accounts, collaboration with clearing firms, and compliance with Suspicious Activity Report filing requirements. The notice also sets forth methods that firms may employ to address risks relating to firm imposter scams and IT help desk scams.