From January 2020 to early January 2021, the Federal Trade Commission released that consumers reported over 275,000 complaints resulting in more than $210 million in COVID-19-related fraud loss. The rapid increase in digital use created a perfect storm for fraudsters to capitalize on consumers’ lack of familiarity with digital platforms and the resource constraints faced by many businesses. Companies that come out on top will be those leveraging fraud prevention tools that provide great detection rates, but also friction-right experiences for consumers.
Source: https://www.helpnetsecurity.com/2021/01/18/select-fraud-detection-solution/