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Fraud And Coronavirus.edited

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FRAUD AND CORONAVIRUS 1
Fraud and Coronavirus
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FRAUD AND CORONAVIRUS 2
Introduction
The coronavirus (COVID-19) has caused global chaos leading to events that have
reshaped society's operations. A lot of things have changed, including travel, security and
surveillance, and even the use of language. The novel virus has caused the containment of people
in their homes for months now, and no one knows for how long the situation will last
(Jabotinsky, 2020). The level of fraud has risen over the past few weeks due to the COVID-19
situation (FINRA, 2020). It is evident that some of these frauds will remain to be even when the
disaster is over. This paper discusses the rise and types of fraud that have emerged as a result of
the disaster.
Fraud Due to Coronavirus
Fraudsters have taken advantage of the COVID-19 disaster and the fear created around
big headline news to benefit them. Fraudulent schemes are coming in many forms, from
investment fraud, phishing scams to fake emails from the Centre for Disease Control (CDC).
Present conditions that are presenting fraudsters the opportunity include job loss, financial strain,
as well as social distancing (de la Feira, 2020). Key risk factors that have increased people’s
susceptibility to fraud are active engagement online, social or physical isolation, and financial
vulnerability. Most of these scams resemble those that happened in the 2008 financial crisis.
Recently, investment fraud and other consumer scams have become rampant, attacking
people’s fear due to the high unemployment rate as well as uncertainty in the stock market.
According to FINRA (2020), COVID-19 is most likely to plunge the world into a financial crisis
and a deep recession in the near future. In these desperate financial times, scammers have been

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FRAUD AND CORONAVIRUS 1 Fraud and Coronavirus Name: Course: Institution: Professor: Date: FRAUD AND CORONAVIRUS 2 Introduction The coronavirus (COVID-19) has caused global chaos leading to events that have reshaped society's operations. A lot of things have changed, including travel, security and surveillance, and even the use of language. The novel virus has caused the containment of people in their homes for months now, and no one knows for how long the situation will last (Jabotinsky, 2020). The level of fraud has risen over the past few weeks due to the COVID-19 situation (FINRA, 2020). It is evident that some of these frauds will remain to be even when the disaster is over. This paper discusses the rise and types of fraud that have emerged as a result of the disaster. Fraud Due to Coronavirus Fraudsters have taken advantage of the COVID-19 disaster and the fear created around big headline news to benefit them. Fraudulent schemes are coming in many forms, from investment fraud, phishing scams to fake emails from the Centre for Disease Control (CDC). Present conditions that are presenting fraudsters the opportunity include job loss, financial strain, as well as social dist ...
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