Cybercrime is on the rise for years now. However, it reached its preliminary peak during the Covid-19 pandemic. With large numbers of employees now working remotely, criminals use sophisticated analysis to seek out weak spots and to take advantage of flimsy controls and poor IT security. Based on a report by consulting firm PricewaterhouseCoopers (PwC), individual organizations recorded a 40 percent increase in attempted cyber attacks within a week of the first lockdown.
Between March and June last year – during the first lockdown in most European countries – there was a significant increase in fraud attempts. Especially social engineering – already one of the most dangerous fraud methods – increased by 75 percent.
One challenge of living in a digital world is often not knowing with whom you are interacting – and that is absolutely critical when doing business. Static identifiers such as passwords and email are not always reliable because they can be stolen.
Leveraging modern machine learning technology can help to detect and prevent identity fraud – without compromising the user experience.