Last updated on 7/9/2020
As COVID-19 continues to affect individuals and business operations around the world, there have also been changes impacting the fraud landscape. Remote working environments, workarounds, and temporary solutions are just some of the changes that have created opportunities for fraudsters to take advantage of the disruption. However, the three factors that create favorable conditions for fraud – pressure, opportunity, and rationalization remain the same; they may just manifest in a different manner during chaotic times.
To explore the impact of the coronavirus on fraud, the Association of Certified Fraud Examiners (ACFE) is conducting a series of benchmarking surveys. Below is a summary of the top fraud schemes based on the data from Fraud in the Wake of Covid-19: Benchmarking Report:
While the information above is concerning and fraud schemes will likely continue to shift and develop, there are actions that your organization can take today to mitigate the risk of fraud and/or reduce the impact if fraud has already occurred. If you haven’t already, consider revisiting or developing the following: