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article imageMillions lost to cyber-fraud during coronavirus pandemic Special

By Tim Sandle     Jun 25, 2020 in Technology
The organization Action Fraud has found that considerable sums have been lost to cyber-fraud since the beginning of COVID-19 Looking at the trends is Mark Crichton, Senior Director of Security Product Management, OneSpan, who comments for Digital Journal.
Despite the police, government and private sectors coming together to nudge members of the public to become more vigilant against fraud, especially when it comes to sharing financial and personal information, criminals have sought to capitalise on the COVID-19 pandemic.
in the U.K., for example, there has been more than 500 coronavirus-related scams and over 2,000 phishing attempts by criminals. each of these has sought to exploit fears over the pandemic. Several of these have been successful, with U.K. fraud alone topping £16 million ($25 million), according to The Guardian.
Some of these fraud attempts take the form of criminals running bogus adverts for face masks, COVID-19 testing kits, and even vaccines.
Looking into the issue of fraud, Mark Crichton, Director of Security Product Management (at OneSpan) explains to Digital Journal that hackers and other threat actors have exploited the vulnerabilities that many individuals and businesses face during the time of coronavirus in order to undertake computer crimes.
Crichton says that the increase in crime matches increases in online activity: "With e-commerce rising due to lockdown restrictions it’s not surprising to see an increase in online shopping fraud. While companies and consumers need to be on their guard, banks and financial institutions also need to be especially vigilant."
In terms of what being vigilant means, Crichton recommends that firms need to begin to seriously "invest in dynamic fraud solutions that leverage machine learning and advanced risk analytics to identify abnormal user behaviour in real time."
He additionally notes that "Solutions that are capable of automatically operating at a lower level of trust during times of increased risk are best suited to help banks and banks to respond to the fast-paced nature of fraud during events like the COVID-19 outbreak."
More about Fraud, Deception, Crime, Covid19
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