Timothy O'Toole discussed the increased risk of COVID-related fraudulent activity banks are facing. Regulators and law enforcement authorities have noted changing crime patterns as criminal groups find new ways to take advantage of the global pandemic. Banks that deal in transactions that support the international trade of medical equipment, especially in areas needing humanitarian aid, are at increased risk. "There is so much pressure to move humanitarian items quickly – particularly into sanctioned countries, because many of those are where the virus has been the worst. That has resulted in pressure to relax due diligence in order to let these items in," said O'Toole. He added that before the pandemic, there have been cases of restricted transactions being passed off as humanitarian aid, but "that risk is even higher now." O'Toole noted another risk for banks involves the use of cryptocurrency. "It's much harder to travel now so it's harder to move cash. The worry is that virtual currencies will become more prominent as a money laundering tool as everything digitizes," O'Toole stated. He said banks' responses to these threats should be multi-faceted, including a review of their cyber procedures adding that for the financial sector, "it's probably a time for more due diligence rather than less."