CYBERCRIME
The Rising Threat Of
Cybercrime Due To COVID-19
Not only has COVID-19 wreaked
havoc on our professional
and personal lives, but it
has also led to a host of new
avenues for cybercrimes that
threaten our safety online. According to
the Federal Trade Commission, COVID-19-
related scams more than doubled—from
approximately 22,000 to nearly 50,000—
between April and May of 2020.
Unscrupulous individuals can pretend to
be from a reputable source—such as an
unemployment office, financial institution,
or potential employer—and call or email
you asking for sensitive information
like a bank account number or Social
Security number. This type of scam can
be very effective, as it preys upon people’s
frustrations with delays in processing
unemployment claims or stimulus funds,
frustrations which have been exacerbated
by the effects of COVID-19.
The rise in online shopping has also created
new opportunities for cybercriminals.
Scammers posing as retail employees are
now reaching out through phone calls or
emails asking you to confirm credit card
information for a recent order you may
have placed. As a general rule, it’s best to
stick with retailers that you know and avoid
suspicious-sounding offers or discounts
from unfamiliar companies. When in
doubt, never divulge sensitive information
to someone calling you on the phone unless
you can confirm who they are and where
they’re calling from.
Once these scammers have access to your
sensitive information, they can infiltrate
your personal files to extract identity and
credit information to steal your identity,
penetrate bank accounts and other
financial assets, and falsely collect funds
intended for you.
WORKING FROM HOME—
AS SO MANY HAVE
RESORTED TO DOING
DUE TO THE PANDEMIC—
HAS INTRODUCED
A WHOLE NEW SET
OF CYBERCRIME
OPPORTUNITIES.
Home internet security is typically not as
robust as corporate firewalls and safety
protocols, leaving dangerous lapses in the
protection of sensitive corporate and client
information. Using personal cell phones
to conduct business or holding virtual
meetings on various platforms also make
your data vulnerable to cybercrime.
There are steps you can take to help keep
yourself from becoming a victim, starting
with education. It is important to realize
that no government agency would ever call
or email you directly to request personal or
financial information. If you do receive any
communication from a financial institution
or retailer that may be suspect, contact
them directly using information from their
website.
Be sure that your home antivirus software
is up-to-date and consider whether you
have taken all reasonable steps to protect
your stored information. When it comes
to your financial data, you may want to
investigate protections available through
your credit card company. Another option
is investing in an Identity Theft insurance
policy from a reputable company like
LifeLock or ID Shield.
Finally, there is also the protection provided
by your home insurance policy, as standard
market carriers provide identity theft
coverage varying from $500 to $5,000. High
Net Worth insurance carriers offer policies
with higher limits as well as a diagnosis
of your personal internet security system.
For more information about cybercrime
vulnerabilities and coverage, contact your
Atlas Insurance representative. +
BY: TODD TAMORI
ATLAS INSURANCE AGENCY
As Personal Lines Unit Sales Manager,
Todd Tamori is responsible for overseeing
new and renewal sales, developing
strategic partnerships, and measuring
group sales performance. Todd brings 15
years of insurance industry experience to
the Atlas team.
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