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Digitalization during COVID-19 situation facilitates hackers to perform scams

The current pandemic, COVID-19, is changing how businesses operate. Because one of the main important prevention measures is social distancing, companies have implemented home office for most of their workers.

This means an increase of using digital tools and the Internet. But also, the use of digital currencies has increased during this pandemic, as it is an easier and safer method to buy or exchange value than physical banks or Fiat money.

Due to the current situation, people are starting to look for new ways to invest their money and protect themselves against a potential economic crisis.

And as the situation promotes the use of technology and digital tools such as the Internet, cryptocurrency holders have been asked to be alert for any COVID-19 related scams.

According to a report from a blockchain forensics company, CipherTrace, losses from cryptocurrency crimes netted 1.4 billion USD in the first five months of 2020. This is due to the increase of cryptocurrency investment, and scammers are aware and always seeking where to provoke a theft.

There are different types of scams in the digital world, therefore it’s important to understand them and know how to prevent them. According to Scamwatch, a specialized website on online scam statistics, these are the types of scams with the most reports in 2020:

  • Phishing: with more than 7,500 cases.
  • False billing: 3,312 cases.
  • Online shopping scams: 3,090 cases.
  • Identity theft: 2,943 cases.
  • Hacking: 1,698 cases.

As the outbreak continues to grow across the world, more transactions are being done online, generating a big opportunity for online scammers. Although people with an advanced age are said to be the most vulnerable, people of all ages should be alert. There are some digital and blockchain brands that are making security campaigns and reinforcing the message for being alert and preventing scams.

Traxalt is a digital asset that continuously shares across its social media security videos and tips, demonstrating the most common cases of hacking and scams in social media and how to be aware to prevent them.

Bitfoliex is a digital wallet that also focuses its efforts on educating people with security tips for avoiding any type of scams related to the theft of cryptocurrencies.

Proofpoint is another brand that is investing and carrying out security campaigns for protecting all those digital touchpoints such as social media, web and mobile apps for reducing the digital risks, specifically involving scams, phishing or hacking.

With technology and digital solutions at the palm of our hands, people with malicious intentions have it easier to perform any type of scam. But as a rule of life, once a problem emerges, immediate solutions need to be implemented and actions are needed to be taken.

In this case, while scams in the digital world continue to be a problem, more and more companies are trying to counter them and make people aware of how to be more careful to prevent them.

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