We Fight Fraud (WFF) [http://www.wefightfraud.org/] has used its unique access 
to the criminal underworld to discover how Covid-19 is transforming business 
within the illicit economy. The findings, announced today, include a move 
towards transacting the proceeds of crime via bank transfers and trading 
illegal goods on social media. This will alarm legitimate businesses, 
especially banks and FinTech organisations, who are being used to launder 
money, in breach of the regulations governing them. Legitimate businesses are 
also being used to facilitate fraud. The implications of the findings will be 
published in a whitepaper, to be discussed at the WFF Live conference on 28th 
April – a free to attend, virtual event for business professionals, supported 
by fraud prevention specialists, LexisNexis(R) Risk Solutions.

Dr Nicola Harding, WFF Advisor and academic specialising in fraud, is lead 
author of the whitepaper. She explained: “The operational changes we found 
mirror those experienced by legitimate businesses during the pandemic, who 
reported a dramatic decrease in the use of cash. We found that the preferred 
option for criminals is now bank transfers, while some are also using PayPal or 
premium rate telephone numbers to send funds.”

The whitepaper’s findings also demonstrate how significant social media has 
become in connecting the legitimate economy with the underworld. Simon, who 
works in IT, shared with the researchers the process of buying cannabis from a 
page on Instagram. He paid by bank transfer and the drugs were delivered to his 
house via Royal Mail – all within 36 hours.

The WFF team will all be speaking at the event and include: Tony Sales, - 
dubbed ‘Britain’s Greatest Fraudster’ by the Sun newspaper – who now helps 
household-name brands avoid fraud; Andy McDonald, former head of counter 
terrorist, organised crime and fraud teams at New Scotland Yard; and Solomon 
Gilbert, former child hacker, who has since worked with the National Crime 
Agency.

Tony Sales explained: “Criminal behaviour has adapted, innovated and evolved 
during the current crisis. We Fight Fraud uniquely talks to criminals to 
understand their activities.  There was an assumption that the decline of cash 
would make life more difficult for criminals. Our findings show that the 
reverse is true.”

Ellie Burns, a Fraud and Identity specialist with lead sponsors, LexisNexis 
Risk Solutions, explains the significance of the conference and the report: 
“The pandemic has had a profound impact on the way all businesses operate. The 
WFF findings show that it is no different with the criminal underworld. In 
order to keep pace with the constantly shifting cybercrime landscape, we must 
come together to share trends, insights and knowledge. We Fight Fraud Live is a 
unique opportunity to do exactly that and we are delighted to be involved.”

To book a seat at the free conference go to www.wefightfraud.org/live. The 
virtual conference will be sending delegate packs to 500 people registering to 
attend from the industry and the media. These will include a copy of the 
whitepaper, offers and goods.

Source: We Fight Fraud (WFF)