ICC FraudNet: new and old frauds surface as Covid-19 spreads

摘要

ICC FraudNet members are seeing more cases of Covid-19-related new frauds and of coronavirus-revealed older frauds. Members also say the current pandemic is proving to be fertile ground for "man in the middle" frauds. Michele Caratsch Co-Executive Director of ICC FraudNet commented, "We have seen exactly this situation before after the financial crisis in 2008 which led to the exposure of the huge Madoff and Stanford Ponzi frauds. "Covid-19 will without doubt reveal a whole number of similar fraudulent schemes which have been masked by benign economic conditions."