Reports: Covid-19 prompting more fraud

The COVID-19 pandemic may have slowed in-person commerce, sent more people into remote work, and generally thrown the global economy into a panic. But for hackers and other fraudsters, the pandemic hasn't slowed anything, it has accelerated. That is a key takeaway from several new report which underline the ways fraudsters are using the pandemic to harm both the public and businesses.

by Kristina Knight

First, Code42's latest Data Exposure Report most IT security leaders (76%) say their business has experienced at least one data breach because of the quick move to remote work during the pandemic. About half believe these data risks will continue for at least two more years, primarily because many employees don't realize - or don't care - about the risks to employers due to remote work security risks.

"Our findings show that organizations are not even measuring the efficacy of their Insider Risk mitigation programs," said Joe Payne, President & CEO, Code42. "Security teams are at a disadvantage: there is a lack of understanding of Insider Risk, which is leading to complacency, failing technologies and inadequate processes. The severity of the Insider Risk problem is being consistently overlooked, evidenced by the sharp rise in risky behavior this year."

More Code42 data can be accessed here.

Meanwhile, Onfido research finds that even amateur fraudsters are capitalizing on the pandemic and using their limited skills to defraud. Their data shows a 41% YoY increase in identity fraud and a 23% increase in 'unsophisticated' fraud attacks. Many of the attacks have been linked by Interpol to money laundering, terrorism, and organized crime.

"There is no question that Covid-19 has catalyzed massive growth in identity fraud attempts, with industries like financial services disproportionately affected. And with sensitive and personally identifiable information easily gleaned from social media and available for sale on the dark web, database checks are just not fit for purpose in this escalated fraud environment," said Michael Van Gestel, Head of Global Document Fraud, Onfido.

He suggests that businesses begin immediately adding in higher quality identity verification options, including biometrics, to better protect data and identity.

And Akamai's latest State of Internet/Security report finds that there has been a significant increase in credential stuffing and phishing attacks, and even fraudsters trying to hack loyalty programs to gain access to consumers' points and rewards in the hopes to getting to more valuable information.

In light of the increase in security attacks, it would behoove businesses to invest in upgraded security systems, and educating remote workers about the importance of passwords.

Tags: Akamai, Code42, cybersecurity fraud, cybersecurity trends, ecommerce, ecommerce fraud, Onfido, phishing trends