Covid-19 | Fraud Trends

Remote Working: Covid-19 Fraud Trends

Over the last month, the team at TenIntelligence have been analysing trends of new or increased acts of fraudulent activity arising from this current crisis. These are our top ten trends for you to share with your employers, teams, friends and family.

Keep vigilant | Stay safe

1. Increase in grant applications from fake funding businesses
2. Disgruntled furloughed/redundant employees stealing company information such as client lists and proposals
3. Fraudulent websites selling but not delivering personal protective equipment and supplies
4. Unauthorised doorstep cleaning services to protect from Covid-19
5. Access to “free” webinars and online courses subject to providing personal details
6. Data breaches relating to remote working and unauthorised access to personal information
7. Phishing emails advising that the recipient’s mailbox is full but that they can increase their storage space free of charge by clicking on the link provided
8. Emails and text messages to parents/carers offering free school meals for their children subject to providing their bank details
9. Professional firms being targeted by companies requesting advance fees to assist with emergency supply chain procurement
10. Unregistered Charities and “GoFund” style pages requesting financial donations for Covid-19 related projects

How can organisations protect themselves?

• Awareness is key. Ensure all colleagues know about these frauds.
• If a suspicion of fraud has arisen, trust your instincts and consult with us to develop the next course of action.
• Perform background checks on all new vendors, agents, third parties to reduce the likelihood of fraud.
• Notify your bank immediately if you see any unusual activity on your account or suspect fraud has occurred.
• Always review financial transactions to check for inconsistencies/errors, such as misspelt names.
• Ensure remote laptop/device systems are secure and updated.
• Regularly update all antivirus software platforms.
• Verify all invoices, as well as requests to change bank account details.
• To check that a request is legitimate, contact the supplier directly using established contact details you have on file, preferably by phone. Don’t rely on email as the account may be compromised.
• Access to sensitive financial information should be carefully controlled. Dispose of confidential documents by shredding them.

For further information on fraud prevention and investigation, visit https://tenintel.com/corporate-fraud/.