The Fraud Trend: Rise in Cyber-Crime during COVID – 19 Part II

Updated: Oct 25, 2021

By Shreya Sharma

DRASInt Risk Alliance Private Limited

“Cyber criminals are developing and boosting their attacks at an alarming pace, exploiting the fear and uncertainty caused by the unstable social and situation created by COVID-19”

Jurgen Stock, INTERPOL Secretary General (Coker, 2020)

Credit to COVID-19 PANDEMIC, world over economies are in crisis; some GDPs at its Nadir; opportunities all-over low, employees becoming Job seekers, who are swelling, Medical requirements are breaking records with per capita income decreasing. Health insurance is a booming business with definitive frauds which will reveal themselves in the coming months. How we shopped and what we shopped also dramatically changed. For example, public transportation and airline transactions were down sometime back by 92% and 71%, respectively, while transactions in automobile sales were up 283% reflecting concerns about increased health risk associated with crowded modes of transportation (Justin J. Lehmiller, 2020). The use of the internet has skyrocketed in the mayhem, work-from-home, social networking, dissemination and absorption of news information, and other entertainment drives have exposed the digital devices/ information systems/ computers to vulnerabilities and attacks in the cyber domain.

CYBER-CRIME, the word prevalent from the time when the computer technologies were developing, the dark crime evolving in dark world i.e. the crime taking place behind the networks, internet and through the application. Is this all a myth or for real? Let’s examine this in the succeeding paragraphs.

According to Karl Mark’s Demand-Pull Inflation hypothesis, When the demand of the market goes down and supply remains constant for very long time, inflation rates increases (Xenny, 2002). This eventually impact the crime rates directly which tend to increase in this process. When traffic is on internet the crime is cyber in nature. Criminals are on prowl, looking for an opportunity invoking the game of faith while luring the victims. According to the officials from the Ministry of Home Affairs, “there have been 86 percent rise in Cyber-crime since March 2020”(Sharma, 2020). According to a research, it is estimated that 84% internet users agreed on the rise of Cyber-crime during this pandemic. Also, 54% people admitted to providing their personal details on the cyber platforms (Kashif, Javed, & Pandey, 2020).