International Fraud Awareness Week has drawn to a close. A number of key areas have been discussed, including as to how the cost of living crisis will affect cyber fraud. It is especially important that businesses and consumers are made aware of the concerns.
With many households struggling for money, people are becoming more desperate and less vigilant, something that scammers are taking advantage of.
Reflecting on some of the important lessons in relation to finances is Camilla Winlo, Head of Data Privacy at Gemserv. Winlo explains to Digital Journal about the rise in cyber fraud, and provides insight into how businesses, employees and consumers can combat the added threat.
Winlo begins by spelling out just what businesses need to be focused on in terms of counteracting malicious activity: “With cyber fraud an ever-growing issue, organisations have a responsibility to protect their employees, customers and suppliers.”
This is because of the high level of threat expected, observes Winlo: “Criminals will capitalise on any opportunity, and specifically look for newsworthy events including national tragedies, crises, as well as sales events like Black Friday. Now, a new opportunity for scammers has arisen in the cost-of-living crisis. Shocking as it may sound, criminals will actively target the vulnerable people having the hardest times.”
It pays to be mindful of the tactics deployed: “There are a number of methods that we expect to see scammers utilise to prey on cash-strapped people. These range from offering fake refunds and deals from phony energy companies, to fabricating missed payments or government rebate applications to bait them into handing over sensitive information, which can then be used to access their accounts and impersonate them. Imagine already being worried about finances, and discovering that your account has been drained and then that your credit score has been tarnished. These problems can take time to become obvious – and even longer to resolve.”
Winlo adds that businesses need to start thinking ahead: “Organisations need to think about what these kinds of problems mean for them and the people around them. To remain on top of the cyber landscape it’s essential that organisations receive up to date threat intelligence tailored to their threat environment. This should then be reviewed to ensure security controls – including staff training, customer communications and board awareness – remain effective and targeted at the highest priority current risks. Periodic data reviews are also essential to ensure the business only stores the personal data it needs, minimising the risk in the event of a breach.”
An important area for fraud is over the financial challenges that many face. Winlo notes: “With the cost-of-living crisis predicted to hit hardest over the winter, it is more important than ever that we are educated on combatting cyber fraud. For consumers, as well as employees, good password management and a clean digital footprint, coupled with the knowledge of what to look out for in scam calls and messages, will all help to identify and prevent fraudulent activity from the bottom up.”
