The Second Edition of the COVID-19 Benchmarking Report Is Here
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Last month, we launched the Fraud in the Wake of COVID-19 Benchmarking Report, September 2020 Edition. This is the second edition of this benchmarking study, which updates the first edition we launched back in June.
The report is free and available to print or download. Here are some key findings that can help you understand what you and your organization are currently facing.
The level of fraud has increased since May 2020 and is expected to continue rising.
77% of survey participants have seen an increase in the overall level of fraud as of August, compared to 68% who had observed an increase in May.
92% expect the overall level of fraud to continue increasing over the next 12 months (48% expect this increase to be significant).
The top fraud risks, based on both current observations and expected increases, are 1) cyberfraud, 2) unemployment fraud, 3) payment fraud, and 4) fraud by vendors and sellers.
38% expect an increase in their overall anti-fraud budgets over the next year, while 14% expect a decrease.
A notable majority (68%–76%) say that preventing, detecting and investigating fraud are more difficult now than before COVID-19.
An inability to travel is still the most significant challenge in combating fraud right now., but more people are citing conducting remote interviews as a current top challenge for them, moving this up to the No. 2 spot.
COVID-19 has affected — and will continue to affect — the business environment in countless ways. Travel bans, employees working remotely, and an increased reliance on technology and economic uncertainty have become the reality for many organizations around the world. And while these and other hurdles present numerous logistical and operational challenges, they also open the door to the increased pressure, opportunity and rationalization that can lead to fraud.
Use the information highlighted in this report to help you understand how fraud risk is evolving and the importance of staying ever vigilant in protecting against its harms in the wake of the novel coronavirus.
