How businesses can prevent fraud during COVID-19
Action Fraud reported that since Feb. 1, it received 105 reports of crime with a coronavirus or COVID-19 theme, with reported losses reaching nearly £970,000 ($1.14 million).
A large number of businesses are going online but they’re exposed to a huge threat which is globally rising COVID-19 related frauds (identity theft, account takeover fraud, money laundering) and cybercrimes. The financial sector has the responsibility to identify and mitigate fraudulent activities more than ever now to prevent criminals from exploiting the financial sector.
Cyber attacks swelled, ranging from the phishing attempts to social engineering tactics and resulting in identity theft, account takeover frauds and other financial frauds. Cybersecurity experts are mobilising globally to provide threat intelligence and combat these attacks. The increasing number of cybersecurity attacks are making authorities worried about the situation, which is why the officials are issuing warnings on their platforms. Moreover, global losses due to Business Email Compromise (BEC) fraud exceeded $12.5 billion.
Shufti Pro with its suite of technologies to protect financial institutions and digital businesses has been helping organisations to fight fraud including credit card frauds, identity scams, money laundering and terror financing. The institutions need to incorporate KYC alternatives for the successful onboarding of real customers and fraud mitigation. These alternatives include Shufti Pro’s video KYC, Digital KYC verification and AML screening solutions. Shufti Pro is offering online fraud prevention tools based on AI technology to help firms deal with these kinds of frauds.