COVID‐19 has created previously unthinkable consequences for our society. Organized crime have been quick to respond, mounting large scale orchestrated campaigns to defraud banking customers, preying on fear and anxiety related to COVID‐19.
In these uncertain and difficult times, fraudsters opportunistically prey on the fear and uncertainty created by a public health emergency, looking to profit from the public’s desire to regain a sense of safety and security.
Across the world, we have seen an increasing rise in scams associated with COVID‐19. Victims are typically targeted via phone, email and social media. Further, as governments prepare stimulus packages in response to the pandemic and begin providing fiscal support to their citizens, the risk of being defrauded by COVID‐19 related scams will likely continue to rise.
For the financial sector in particular there are great challenges. The industry has already begun to provide an unprecedented response, but are having to work through their own business continuity issues. Demand is far out stripping supply as concerned customers inundate call centers, as fraud typologies change on an almost hourly basis.
There are many ways to help protect yourself, loved ones, and your business from falling victim to COVID‐19 scams. Paramount to reducing vulnerability is ensuring that people remain aware of how criminals are attempting to take advantage of the global health crisis.