Fraud and Scams in the COVID-19 Economy: What advocates need to know

The COVID-19 pandemic has changed the way consumers shop and transfer money. As a result, many criminals are now targeting digital wallets and peer-to-peer payment methods, such as Apple Pay and Zelle. According to Javelin Strategy & Research, 18 million victims fell prey to scams through these digital payment methods in 2021. And the FBI is reporting that more and more consumers are unwittingly being enlisted as money mules—people who, knowingly or not, transfer illegally acquired money for scammers.

These and the many other scams being perpetrated inflict a high emotional, financial and psychological toll on millions of individuals each year. Why are some consumers more vulnerable to fraud and scams? What should you do if you or your clients have been scammed? Let’s discuss!