Security by Sector: Online Banking Resource Center Launched to Fight #COVID19 Fraud

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The subject of how information security impacts different industry sectors is an intriguing one. For example, how does the finance industry fare in terms of information security compared to the health sector, or the entertainment business? Are there some sectors that face greater cyber-threats and risks than others? Do some do a better job of keeping data secure, and if so, how and why?

This week, online banking fraud prevention specialist buguroo announced the launch of its new COVID-19 Online Banking Fraud Resources Center, aimed at fighting the rising tide of phishing activity seeking to exploit the coronavirus pandemic.

The crisis has seen a marked rise in financially-motivated phishing attempts as fraudsters have sought to capitalize on people’s increased reliance on online and mobile banking, a result of physical bank branches being closed due to social distancing lockdown measures. In fact, buguro detected a 75% increase in the number of online banking sessions that included anomalous and suspicious user behavior between January and March. For mobile banking sessions, the increase was even greater, with five-times as many sessions flagged as risky.

Through the free-to-use service, consumers and companies located anywhere in the world will be able to check whether COVID-19-related emails, SMS messages and social posts are scams. Any suspicious message can be forwarded to, where it will be investigated by buguroo’s dedicated fraud services team, which will analyze all links, images, forms, URLs and scripts, contacting the recipient if it is found to be a scam, buguroo explained. It will also share the details of the bogus campaign with local law enforcement bodies, helping to prevent future crime.

Pablo de la Riva, founder and CEO, buguroo, said: “Consumers all over the world are being bombarded with emails, text messages and social posts offering a wide range of COVID-related advice and products – we’ve seen everything from discounted hand sanitizer to eligibility for a tax refund – many of them a ruse to get the recipient to give up their personal data and bank details.

“Some of these attempts are so audacious and convincing that it’s hard to spot if they are bogus; we hope our new online resource center will make it easier for consumers to make that distinction and stay safe.”

For more information on the buguroo COVID-19 Online Banking Fraud Resources Center, click here.

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