Card fraud risks — already soaring prior to the coronavirus outbreak — are changing rapidly as the pandemic deepens, forcing issuers and merchants to rethink protective measures.
As companies move work off-site because of the pandemic, a host of issues have arisen around remote access, network monitoring and cybersecurity.
With coronavirus taking a significant chunk out of physical retail and services, the use of call centers and phone interaction with customers becomes even more important.
Financial institutions need to alert customers about emails or websites that pretend to offer important COVID-19 information but instead could end up stealing their account numbers or logins.
Anything that heightens fear and anxiety is a boon to online scammers, which is what makes the current coronavirus pandemic prime time for cybercriminals to try and trick people into giving their money away to the wrong people.
The global efforts to contain the coronavirus outbreak are leading to drastic actions that test the limits of what consumers will accept when governments and other entities use their payment data.
Jeff Wilbur, technical director at the Internet Society's Online Trust Alliance, discusses key findings from the organization's new Cyber Incidents & Breach Trends Report.