Gareth Campbell and Andrew Dunn of BioCatch unveil how criminals continue to take advantage of government stimulus programs more than a year after the pandemic began

The security failings surrounding the distribution of economic relief funds as a result of COVID-19 continues to be widely reported. From small business loans to stimulus payments and unemployment benefits, cybercriminals are making in one scam what most will never make in a lifetime. Massive data hacks, fake companies, forged business documents and multiple other efforts to take advantage of federal, state and local governments will ultimately cost billions in losses to taxpayers.

In the UK, the National Audit Office estimated fraud from the Bounce Back Loan Scheme programme could cost up to GBP 26 billion while scammers stole USD 36 billion in unemployment benefits in the US in 2020. Still, stimulus fraud shows no sign of slowing down.

While much attention has been paid to the…

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