Fraud in a COVID World – Update October 2021

The rapid onset of the COVID-19 pandemic has created havoc in all aspects of our business and personal lives. The Delta Variant that arose in 2021 has thrown medical experts for another twist in this fight to manage the virus. To make matters worse, the virus itself isn’t the only element invading our lives. Fraudsters have found a whole new avenue to perpetrate schemes and scams.

From January 1, 2020 through April 15, 2020, the FTC received 18,235 reports related to COVID-19, and people reported losing $13.4M to fraud. As of August 30, 2021 that number had increased to $384M.

Seniors reported the largest losses related to coronavirus scams. The median loss for those in their 80’s was $900. Criminals have stolen money via a number of scams: those related to stimulus checks, unemployment benefits, Covid vaccines, fake virus cures and charities, for example. The top complaint categories relate to travel and vacations, online shopping and bogus text messages.

These are just a few of the most prominent schemes that have arisen. During this session, we delve into the intricacies of the COVID-19 pandemic and how it is impacting the world of fraud.