Mar 2021 | Fraud & ID | Fraud, Whitepaper

“Currently businesses throughout EMEA face challenges from reduced business volumes and unseen degrees of digitization. Even if the current fraud levels seem lower than in the past, they are expected to grow substantially in the near future. Today, many businesses are working to improve their fraud prevention capabilities to be prepared for increasing fraud volumes and new fraud patterns. Now is the time to start designing strategies that will prevent damage to organizations and individuals.”

Marek Miller – Managing Director CEE, Experian

Fraud prevention responses for the COVID-19 crisis

Biuro Informacji Kredytowej (BIK), the most important Polish Credit Bureau and Experian analysed the fraud trends during the COVID-19 emergency in Poland compared to EMEA and identified how organized crime adapted and created a threat scenario for the current times.

The current crisis on financial markets carries a number of threats to the global economy. It affects everyone without exception – corporations, private companies, households and individuals. It is unique at the same time, it was not caused by any financial disasters.

It is difficult to estimate the losses resulting from the rapid freezing of almost all economic activities. It is even more difficult to predict the scale of the recession, which was affected by both a dramatic drop in demand and a slowdown in supply.

Still, the impacts are like the ones experienced in previous, purely a financial, crisis also the Fraud exposures follow trends that were either known for a long time or had already started during the last year. A UK University study analysed previous recessions and accompanying fraud correlation.