Another coronavirus variant: Radical fraud – PropertyCasualty360
Fraudsters are leveraging the pandemic to pull scams ranging from insurance rackets to ‘pump and dump’ stock schemes.
As of July 2021, the Federal Trade Commission (FTC) reports they’d logged over 561,000 consumer complaints related to COVID-19 and stimulus payments. Nearly 75% involved fraud or identity theft. (Photo: Jason Raff/Adobe Stock)According to the FBI, con artists are using the COVID-19 pandemic — including ensuing vaccines, variants, and stimulus funds — to perpetrate multiple fraud varieties.
One example is the marketing of fraudulent COVID-19 antibody tests for the sole purpose of amassing personal information, which is used for ID theft and insurance-related schemes.
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