Fraud, money laundering and the COVID-19 Pandemic
Tracy Molino, Anthony Scalia, 19 May 2021
As discussed in our four-part series, the COVID-19 pandemic has accelerated a trend away from using cash and other “touch-based” payment methods. This acceleration has been coupled with an increase in digital and contactless payment methods. The ongoing lockdown measures and stay-at-home orders have directly impacted consumer habits, resulting in consumers conducting their shopping online and away from retail stores, ordering their meals via delivery apps instead of dining in restaurants, and banking online as opposed to stopping by the teller on their commute home from work.
While the continued shift toward digital and contactless payments has been a driving force behind economic recovery, it is not without its risks for consumers and businesses, potentially creating an online environment ideal for fraudsters and money-launderers. In this insight we examine recent developments in this space in the context of the COVID-19 pandemic. Continue reading “Article: Fraud, money laundering and the COVID-19 Pandemic”
