Some worrying numbers portrayed in this article in respect of reported fraud in the current environment. Caroline Day and Gemma Tombs from Kingsley Napley look into some of the schemes that have already come to light as well as the actions being taken by the UK and U.S. authorities to help combat this increase.
Some of the schemes are typical cyber security related, such as phishing emails purporting to come from health related organisations as well as those allegedly from government agencies and the refunds/schemes that they are offering to support individuals and businesses in the current crisis. Other schemes are most specifically aimed at the crisis: specifically the online sale of counterfeit testing kits, protective equipment and other related products.
Everyone needs to be conscious of these risks and the added threats created by the current situation that we all find ourselves in. Businesses in particular need to be as vigilant as ever, especially with people working remotely, in respect of maintaining financial controls to avoid being subject to a phishing or a ceo-fraud scheme.
My colleague, Lorenzo Grillo, has been working with companies to help them undertake a rapid assessment of cyber risk associated with remote working. Please let us know if you'd like to discuss this!
The last few weeks have seen a sharp rise in the number of reported cases of coronavirus related fraud. As of 20 March the UK’s national reporting centre for fraud and cybercrime, Action Fraud, had recorded at least 105 reports with total losses reaching almost £970,000. These figures will undoubtedly continue to grow given the likely timescale of the pandemic and the impact of COVID-19 on the economy.