Banks and ﬁnancial institutions are the perpetual engines of the economy. However, they are often the ones who also bear the brunt of any fallout that affects the economy. Covid-19 has caused chaos all over the World, and organizations have signiﬁcantly adapted to the latest technological features to upscale their operations. This pandemic has also empowered ﬁnancial institutions to shift their nature of doing business. Extensive lockdowns have reduced the availability of resources and key personnel during the vital decision-making process. As a result of this crisis it has opened up the doors to more fraudulent behaviors.
Volatile market conditions often create opportunities for ﬁnancial crime, and scammers exploit the vulnerabilities in the system. During this pandemic, there has been an increase in fraudulent activities such as phishing scams, telephone fraud, and some instances of fake websites asking for donations.