The Pandemic Playbook: How to Navigate Market Volatility Caused by COVID-19

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PROTECTING YOURSELF FROM CYBERATTACKS AMID COVID-19 UNCERTAINTY

BRIAN VNAK Vice President, Advisory Services

As the world transitions to a lifestyle of social distancing, moving the workforce and communications increasingly remote and digital, it’s more important than ever to be cyber vigilant. Our global community’s mass increase in digital solutions creates an environment that is ripe for bad people to do bad things. Even the U.S. Health and Human Services Department was the target of a cyberattack on its computer system. The attack is being described as part of a campaign of disruption and disinformation aimed at undermining the response to the coronavirus pandemic. As individuals, we should be prepared for heightened activity for phishing scams that prey on the uncertainty around an evolving COVID-19 environment.

Be on the lookout for COVID-19 phishing scams

Fraudsters attempt to disguise themselves as a trustworthy source such as a bank or government entity. Then, in an email, they request sensitive information from you like usernames, passwords and credit card/financial details. For example, they might offer COVID-19-related grants or stimulus payments in exchange for personal financial information or an advance fee, tax or charge of some kind (including the purchase of gift cards). Often, they will threaten to arrest you within a short period of time unless payment is made. Do not respond or provide personal information or payment to these individuals. Their actions are crimes and should be reported. Generally speaking, businesses and government agencies do not reach out to you asking for sensitive information, so if you receive a call or email claiming to be from the Treasury Department, IRS or other government entity, you should be on high alert.

Known COVID-19 scams

Scammers follow the headlines, and reports have already circulated of various attempts to fraud Americans, including fake coronavirus case maps that can spy on you through your camera and microphone. The Federal Trade Commission (FTC) has identified a few additional types of scams that have been reported, including: Undelivered Goods: Online sellers claim they have in-demand items like cleaning products, household products and health and medical supplies, but they never ship the product. Fake Charities: Scammers use major health events to set up donation sites for fake victims or use names that sound a lot like real charities.

THE PANDEMIC PLAYBOOK | 2020

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