How Can You Prevent Fraud in The COVID-19 Era?
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May 11, 2020
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With the onset of a new normal for most businesses due to the spread of COVID-19, fraudsters have found new ways to continue their business. End-users are often the weak links exploited by these fraudsters to carry out their operations, impacting not only the users themselves, but also the organisation.
This article highlights some of the most prevalent types of fraud and how one can avoid becoming a victim of these frauds.
Types of frauds
Fraudulent Donation requests:
- Fraudsters may attempt to steal your credentials or funds, by sending fraudulent links or posing as charitable organisations.
Account takeover/account breach:
- Fraudsters can attempt to take over your accounts (eWallet/ bank account/ shopping app wallets) by claiming that the account has been deactivated/ suspended.
Phishing attack:
- Fraudsters are known to send emails posing as personal acquaintances or charitable organisations, asking for financial help.
Frauds using online apps/networks:
- With many people turning to social connectivity apps, fraudsters can use this opportunity to steal your data, cause financial loss or invade your privacy.
- Links, images and documents shared on social networks could be misused as malware vehicles.
Hacking remote networking and co-working apps:
- There have been cases of uninvited attendees accessing meetings to listen in or access data.
eCommerce:
- Sale of scarce items from unknown sellers/ websites often serve as honeypots for data theft and financial fraud.
The article goes on to list some key dos and don'ts for each type of fraud that every user should keep in mind when faced with similar situations.