Security News > 2020 > April > Are businesses prepared for a surge in cybercrime and fraud?

With the coronavirus economic crisis deepening, experts at University of Portsmouth are warning it will lead to the highest levels of fraud and cybercrime ever recorded.

Respected economists have predicted the current crisis could lead to a substantial reduction in GDP with lowest estimates of a 7.4 per cent fall and highest estimates of a 35 per cent fall by the OBR. "These predictions could mean fraud levels increasing from at least 30.3 per cent and possibly even doubling if the 35 per cent fall was to occur. These are rough estimates, but illustrate that a substantial increase in fraud is likely as a consequence of the economic downturn."

The latest figures from ActionFraud show a 400 per cent increase in coronavirus-related cybercrime and fraud since mid-February.

Although it is normal for fraud and cybercrime to increase faster during a recession, the experts say this sudden downturn means the UK now faces an accelerated threat from fraud and cybercrime.

"Over the coming period we will see a surge in fraud taking it to higher levels than ever before. Existing preventative arrangements are unlikely to be sufficient to meet the heightened threat and need to be reviewed. Our crisis must not become the fraudster's opportunity," said Jim Gee, Head of Forensic Services for Crowe UK..

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