High-profile fraud cases from 2020 — such as Coronavirus stimulus check scams, the Wirecard scandal and the breach of Colonial Pipeline at the hands of a ransomware group — underscore the rising threat of cybercrime. The high cost of fraud can have a significant impact on an organization’s bottom line, and in extreme cases, put companies completely out of business.
Since the onset of the pandemic, the fraud landscape has heated up considerably — and it doesn’t look like it will turn around any time soon. In fact, fraud attacks have increased 46% since the beginning of the pandemic, as more people and organizations rely on digital commerce, entertainment and online banking services. Reuters reported that fraud losses in the U.S. related to Covid-19 fraud reached $100 million by August last year, much of which was attributed to identity theft. And According to ZDNet, six ransomware groups are wreaking havoc on U.S. businesses, and have bypassed the cybersecurity defences of nearly 300 organizations this year alone, taking more than $45 million in ransom from their victims.