Cyber fraud risk and recovery during covid-19

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Cyber fraud risk and recovery during covid-19 | China Business Law Journal

With the slowdown in economic activity globally due to covid-19, the number of cyber fraud cases from around the world has surged. The Hong Kong Police, as well as Action Fraud (the UK’s national fraud and cybercrime reporting centre), and the Australian Cyber Security Centre have all recorded a significant increase in covid-19-related incidents reported since the outbreak of the crisis.

From supply scams related to bulk purchases of personal protective equipment to business email hacking incidents targeted at companies across sectors most susceptible to supply chain disruption – fraudsters have demonstrated a high level of technical and economic sophistication as they exploit the fear and uncertainty created by the pandemic. These frauds can be significant, leading to losses of tens of millions of dollars.

Cyber fraud is a high-volume and fast-changing global phenomenon. Our team has handled well over 100 cyber fraud incidents in Hong Kong and China. This article focuses on the latest risks arising from the current situation, and how you can recover your money and manage the impact of cyber fraud.

Common cyber frauds

Some of the schemes being perpetrated include:

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