COVID fuels massive unemployment fraud
With unemployment claims at an all time high, unemployment insurance (UI) agencies found themselves understaffed and ill-prepared this year. One of the most common tactics of fraudsters is the use of stolen identity credentials purchased on the Dark Web Thieves purchase names, Social Security numbers and addresses to file claims and open accounts on another person's behalf, then redirect funds to themselves. In many cases, identity thieves sit on vast amounts of stolen credentials, waiting for the perfect opportunity to pounce.
In the second quarter of 2020, just two breaches alone were responsible for more than 18 billion of the 27 billion records put at risk. Although the number of publicly reported data breaches stands at its lowest point in five years, the number of records exposed is more than four times higher than any previously reported equivalent time period. In fact, this exceeded the total number of records exposed during the entirety of 2019 by more than 12 billion records.
This year COVID-19 has been an opportunity like no other. Many people will be seeing the lasting effects for years to come,