Digital Fraud, the Other Pandemic in America

 

The pandemic caused by COVID-19 has not only been synonymous with precariousness in different basic services worldwide, it has also been synonymous with changes in different aspects of our lives, especially personal and professional. The latter, went from being face-to-face to being remote from our homes, so we had to adapt our lives to continue complying with work demands and to be able to keep our jobs and / or companies.

However, being focused on meeting work objectives has caused us to also neglect other aspects such as being exposed to corporate fraud. Fraud experts from Studler Doyle say that all fraud arises from a combination of three elements: pressure, opportunity, and rationalization.

THE MOST FREQUENT DIGITAL FRAUDS

According to recent studies, digital frauds increased 59% in the first half of the past year. Studler Doyle, an Aurora-based investigation and forensic accounting firm, indicates that the most recurrent digital crimes during the past year were:

Phishing

It has been the most recurrent form of cyber fraud in this pandemic, according to a study carried out in six countries, including the United States. In this type of fraud, a false web page, link or file is created so that people believe that they are accessing an official place of the product or service. These communications often appear to come from real companies or government agencies, and clicking links or downloading attachments could import a program that uses your Internet connection to spread more malware, or dig into your personal files for passwords and other information, for the purpose of identity theft.

Third Party Scams Originated Through Links From Legitimate Online Commerce Websites

In this deception, people are convinced to buy a product or make transactions through a legitimate medium, but then they do not receive the product or money promised by the scammers.

Charity Fundraising Scam

In 2020 alone, 19% of respondents said they donated or helped people online, which turned out to be scams.

Scam for Subsidy or Unemployment Benefits

Many believed that they would receive support from the Government, through financial phonies that would streamline the aid processes through bank transactions.

Vaccines, Drugs or False Tests Related to Covid-19

Since the beginning of the pandemic, scammers have inundated consumers with bogus remedy proposals. Respondents revealed that they purchased drugs over the internet, alleged vaccines, tests or medical items that would help prevent or cure Covid-19.

HOW TO AVOID DIGITAL FRAUD?

In the expert opinion of Studler Doyle’s forensic accounting experts, the best way to avoid digital fraud is to avoid online offers of vaccines or drugs related to coronavirus, they are not legitimate.

Be wary of emails, calls, and social media posts advertising "free" or government-requested COVID-19 testing. See the Ministry of Health website for a list of approved tests and testing companies. Also, don't click on links or download unexpected email files, even if the email address looks like a company or person you recognize. The same goes for unknown text messages and websites.