The Covid-19 crisis has brought about unprecedented challenges for businesses around the world, with many facing increased risks of fraud. In the 2021 edition of the fraud and cybercrime barometer by Euler Hermes in partnership with the DFCG, the impact of the pandemic on fraudulent activities is examined.
In the 2017 study by Euler Hermes and DFCG on cybercrime and fraud, it was revealed that 1 out of 4 companies had experienced a proven case of fraud. This alarming statistic highlights the prevalence of fraudulent activities in the business world and the need for heightened vigilance in combating such threats.
The same study also delved into the various forms of cybercrime that can lead to fraud, emphasizing the importance of understanding the link between cyber threats and fraudulent activities. With the increasing reliance on digital technologies in today's business landscape, the risk of falling victim to cyber fraud is higher than ever before.
Euler Hermes' third barometer on cybercrime and fraud further explores the evolving nature of fraudulent schemes and the challenges they pose to businesses. The study sheds light on the tactics used by cybercriminals to perpetrate fraud, such as identity theft, phishing scams, and ransomware attacks.
Identity theft emerged as a top cyber fraud scheme in the study, highlighting the need for robust identity verification measures to prevent unauthorized access to sensitive information. As cybercriminals become more sophisticated in their tactics, businesses must stay ahead of the curve in implementing effective security measures to safeguard their data and assets.
The 2017 fraud study by Euler Hermes underscores the interconnected nature of cybercrime and fraud, emphasizing the need for a comprehensive approach to addressing these threats. By understanding the motivations and methods of cybercriminals, businesses can better protect themselves against fraudulent activities and mitigate the risks they pose.
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