The COVID-19 Fraud Pandemic
The COVID-19 pandemic created the perfect storm for fraudsters. Fear, uncertainty, and the rapid shift to online living created countless new attack vectors.
Key Scam Types in 2020
### Fake Medical Products
Scammers sold counterfeit PPE, fake COVID tests, and unproven treatments. The WHO reported over 2,000 fraudulent medical product websites by March 2020.
### Investment Scams
"Recession-proof" investment opportunities surged, with fraudsters promising guaranteed returns in volatile markets. Binary options and cryptocurrency scams were particularly prevalent.
### Government Impersonation
Fake HMRC texts, fraudulent furlough scheme applications, and bogus vaccine booking sites tricked millions into revealing personal and financial details.
### Romance Scams
With lockdowns forcing people online, romance scams increased by 20% in 2020 according to Action Fraud.
The Scale of the Problem
Action Fraud received over 25,000 reports of COVID-related fraud in the UK alone, with losses exceeding £33 million. Globally, the FTC reported over $1.3 billion in pandemic-related fraud losses.
Recovery
If you were scammed during the pandemic, you are not alone. Contact Patterdale Recovery for a free consultation about recovering your funds.
