The pandemic saw the rise of the virtual world. Everything became online, from schools and universities to businesses as well. This led to an increase in corporate fraud and corruption on many levels. There were many opportunities available for fraudsters to try out their luck. Digital identity also came to the forefront.
Payments fraud is a big problem among corporates and banks. 77 percent of executives say that reduction of payments frauds is the main goal. With this, Phishing attacks are also on the rise. The fraudsters are also stealing more and more amount of money.
Pablo Molina is a chief information security officer at Drexel University. She said that higher educations are also the target nowadays. It is because the data itself is very valuable for cybercriminals. They can use it to steal your digital identity and torture you for no reason. The institutions are working hard to fight deepfakes and scams.
Nithai Barzam is the chief operating officer at nsKnox. He said that, overall, manual processes tend to be the weakest link in any system. They are also the weakest link in business-to-business payment fraud prevention plans. The transactions, when done manually, are easy targets for fraudsters. They require less complicated methods to trick people in this way.
Many corporate firms are not at all satisfied with their fraud detection systems. The exact number is 68 percent of them are not satisfied. Some more numbers suggest a more dangerous picture. 52 percent of big companies experienced some kind of fraud. All these companies had a revenue of over 10 billion dollars. 20 percent of these companies say that the fraud impacted more than 50 million dollars.
All of this happened in 2020 and the period after it. 98 percent of companies also reported fraud attacks in 2021. There is no coverage on news channels or social media about these frauds. These companies lost almost 3.5 percent of their annual revenue to fraud itself. This is a major loss for companies.
