Conference considers COVID impact on fraud patterns

Fraudsters are changing their behaviours as a result of the COVID-19 pandemic, and businesses should be aware of how that activity is evolving to protect themselves and their customers.

On April 28, an online conference organised by the We Fight Fraud organisation and supported by  LexisNexis Risk Solutions will discuss these changes, which include a shift away from cash to online bank transfers and a shift towards trading illegal goods on social media.

The free event will coincide with the publication of a white paper exploring these changes in detail, including that legitimate businesses – especially banks and FinTech organisations – are being used to launder money in breach of regulations and facilitate fraud.

Dr Nicola Harding, the lead author of the white paper, is an academic who specialises in fraud and serves as an advisor to WFF.

"The operational changes we found mirror those experienced by legitimate businesses during the pandemic, who reported a dramatic decrease in the use of cash," she explains.

"We found that the preferred option for criminals is now bank transfers, while some are also using PayPal or premium rate telephone numbers to send funds."

To register for the conference or obtain more details visit: http://www.wefightfraud.org/live.