The Fraudsters Are Taking Advantage of the Crisiscovid-19 for Attack

While every country in the world is doing what they can to reduce the effects of the coronavirus pandemic, fraudsters have unsurprisingly turned it into a money-making opportunity and are actively using COVID-19 to capitalize on the panic of the population.

In fact, in the month of February and in the United Kingdom alone, fraud related to the coronavirus to individuals and companies caused losses valued at more than £ 800,000 (the equivalent of almost € 1 million).

Cybercriminals are seen to be discouraged by anything, so they will surely continue to use the virus to their advantage. In this blog we tell you the different forms of attack that they are using:

Phishing and Baiting

The most common scams are carried out in the form of phishing attacks. For example, a lot of fake ads are circulating online today. Large companies such as Twitter and Facebook have taken steps to remove false information, but many news stories inadvertently make their way onto the web or other websites that do not have the same resources.

These ads try to trick victims into buying much-needed products at the moment, such as face masks, hydro-alcoholic gel, and even self-test kits. However, the advertised products do not exist, the fraudsters pocket the money without giving anything in return.

Spear-phishing attacks, a scam carried out over the phone or by email, are also very common. In these cases, the fraudster contacts their victims directly by posing as an official position or an employee of an official organization.

These criminals know in advance the personal information of their victims that help them give more credibility to the situation.

There have also been many fraudulent email campaigns. For example, a widespread email containing Malware said that the virus was now in the air, spreading false information along with malicious code for profit.

In another email, details of a supposed cure were given, while in another they asked for donations for the "cause of the coronavirus" (or, rather, for the pockets of scammers).

Another example was a message supposedly sent by the World Health Organization, which is a bold outburst that said "this little measure can save you" to encourage recipients to click on a malicious link.

Alarmism and Brain-Hacking

When a global or national event occurs, it is normal for scammers to try to take advantage of the public's interest in the subject.

For example, during the income campaign, the population expects to receive messages about taxes and declarations, so it is difficult to detect fraud related to these matters. Scammers are using the coronavirus in a similar way, jumping on the bandwagon and alarming the public to increase their profits in an illegitimate way.

In the UK, there was even a campaign that tried to take advantage of both a national event and the virus: victims were sent an email about a new (fake) tax refund program launched in the wake of the COVID-19 pandemic.

They not only used the virus as a hook to deceive users but also posed as the UK Government, in collaboration with the National Health Service, to finish convincing. This bogus program sneaked into the UK government's authentic announcements about the measures it intends to take to help people and businesses financially affected by this crisis.

This is the sibylline way that scammers use real events to mislead their victims, as people are more willing to hear these things and, more importantly, to believe them. This particular fraudulent email included a link to a bogus, official-looking website, asking victims to enter all their tax and financial information.

How Fraud Is Committed?

• By providing their personal data over the phone or on fake websites, the user gives fraudsters the ability to use their information to create synthetic identities and mule accounts. Their own data could even come back against them, for example, if it is used as the basis for a Spear phishing attempt in the future.
• Additionally, messages may contain links or attachments which, when opened, download malicious software onto the user's device. This includes keyloggers, devices that can intercept sensitive information such as usernames or passwords, or Remote Access Trojans (RATs), which fraudsters can use to gain complete and anonymous control of a user's device. user and are often used to access online bank accounts. Install the best antivirus to combat such malicious software.
• If a person sends money to what they think is a charity account but is actually a mule account, it is because they have been the victim of authorized payment fraud (APP). Something similar happens when they buy products that never arrive, or they convince them to send money to a different bank account than originally planned. Since these payments are authorized by the account holder, it is very difficult for banks to detect and block this type of fraud. That is why they are among the favorites of criminals.

Don't Let Your Guard Down

The world is uncharted territory, and this is precisely the kind of environment fraudsters move like a fish in the water.

They are brave enough to try anything; And as long as the COVID-19 situation lasts, fraudsters will keep trying to take advantage of it.

For this reason, cybersecurity and the reinforcement of vigilance against online fraud are now more important than ever. 

Do not miss this webinar if you are interested in delving into the subject.

Covid-19: Techniques Used to Commit Bank Fraud and How to Protect Yourself

While nations around the world are doing their best to lessen the impact of the coronavirus pandemic, scammers, true to form, have identified it as an opportunity to make money and are actively using COVID-19.

In fact, in February alone in the UK, scams around Coronavirus targeting both individuals and businesses caused losses of more than £ 800,000 (the equivalent of almost € 1 million). It has been shown that there is no crisis or type of victim that stops cyber criminals, so we hope that they continue to use multiple techniques around this health epidemic to their benefit.

This webinar will give you an idea of ​​what to look for and the most effective way to protect yourself.