COVID-19 – A backdoor to increased fraud risk

COVID-19 – A backdoor to increased fraud risk?

The year 2020 has opened the door for the virus, along with a wider door for fraud risk, to enter. It used to be less than it is now. Globally, the whole nation was under lockdown because of the pandemic, and people were not permitted to leave their houses. Thus, everything had to shift to online mode, from taking classes online to buying groceries and poultry.

Due to COVID-19 Some businesses even closed down, while others went online and individuals began working from home. 


The fraud risk has grown in the manner listed below.


Easy hacking

Hacking is such a big issue nowadays that companies are merely things because even critical national documents are being accessed, so companies are just mere things. Since the pandemic, everything has grown simpler since going online. Hackers can now easily access corporate data and steal it. What made them do it? It’s because they would sell the information to rival businesses in order for them to profit from it or build their business by using their tools and methods. 

Passwords should be changed frequently to protect and Fraud Investigation may be difficult to crack in order to protect your business from a hack. The most crucial information should also be kept private and should not be accessible to any employee.


Developing fake websites

Developing fake websites

There are already a lot of bogus websites being created every day to trick people. Due to the pandemic, everyone was dependent on the internet. People began utilizing the online service for shopping and other needs, which has grown. The customer may be confused after the transaction as to why their product or service has not arrived despite their purchase, at which point they will know they have been defrauded.

Therefore, it is crucial to locate the official website or application to use in order to save oneself from fraudsters. If they are ever the victims of any cyber fraud, it is now their duty to notify the police of the cybercrime so that it can be stopped and blocked. 


Fraud in online payments

Fraud in online payments

 As soon as the fraudster discovered that customers had begun using the website and application to make purchases, the scam began to happen via links and messages. More information was shared through social media during COVID-19 to inform others about the news and facts. For instance, when people were in need of oxygen, many people began to post their contact information and links to apply for oxygen, but not every link was accurate. So what takes place in this scenario? When someone clicks the link, they are taken to the application and transaction where they fill out all the information. Then information like the pin is saved and used by the fraudster to steal money from the person as this a big fraud risk?.

It is crucial to never click on any links shared by anyone since they may be used to track down or steal passwords or other personal information. Additionally, if one person stops forwarding, it may be feasible for the others to avoid falling into the trap, so it is crucial to be very careful when doing so.


Fraud using the shared pictures 

Employees and the founder's reputation

Almost everyone began working from home. If they worked in an office, the person would not be able to share any work-related information with their family, friends, or anybody else, but working from home has given them the flexibility to access anything they used to do in the office. People occasionally post pictures that fraudsters can use or even employees who can steal money or divulge company secrets to anyone.

Employees should refrain from sharing images of their work while they are at work since they could unintentionally reveal confidential information. Therefore, it is crucial to constantly exercise caution when sharing.

Catching a Covid 19 can be harmful, but what is more harmful is being a victim of fraud. The above are just a few ways a fraudster might try to trick you. Even seemingly insignificant things might cost you money or damage the company’s reputation investigation. Cross-checking is crucial while doing anything, and you shouldn’t give chance for the fraudster to scam you.