Credit agency TransUnion has found that COVID-19 related scams have targeted 32% of people around the world, and phishing is the method of choice, accounting for 27% of those attacks.
TransUnion conducted the research as part of its Consumer Financial Hardship studies, which are in turn part of its larger COVID-19 support plan for individuals who have lost a job or otherwise had financial issues due to the pandemic.
The survey was performed in six countries: Canada, Colombia, Hong Kong, South Africa, the United Kingdom, and the United States, and TransUnion found that the top COVID-19 fraud methods were consistent in four of the six countries, where phishing accounted for over 30% of fraud attempts.
Phishing leads as the most common type of fraud largely because it’s simple compared to other methods. All an attacker has to do is cast a wide net and find one compliant victim to begin a process of identity theft that can lead to stolen bank accounts, fraudulent purchases, and ruined credit.
“Identity fraud is a primary way fraudsters leverage stolen consumer data from phishing and other social engineering schemes. It can have long-term impacts for consumers such as the compromise of multiple online accounts and bringing down credit scores, which we anticipate will increase during pandemic reconstruction,” said TransUnion’s SVP of global fraud and identity solutions, Shai Cohen.
Educate your employees with Security Awareness Training – they need to be taught about these types of targetted phishing attacks – regardless of whether this is via emails regarding fake domains or whether the theme is tax or flight refunds, COVID-19, an outstanding invoice, a package delivery, or any of a myriad of other stories told as above.
With thanks to TechRepublic. The full story is here: https://www.techrepublic.com/article/phishing-is-the-leading-type-of-covid-19-fraud/
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