The Covid-19 pandemic has been a boon for bank robbers.
As the many inexperienced consumers that previously relied on cash have begun to use their debit and credit cards online more frequently, exposing themselves to phishing attacks, credit card fraud has surged by 35% in the US according to Fidelity National Information Services.
And that may just be the tip of the iceberg. To report a theft, you have to know that you’ve been robbed.
Cyber criminals are increasingly sophisticated and particularly good at setting up their servers in remote countries, stealing small amounts from millions of bank accounts then shutting down again before anything amiss is noticed.
At a higher level, however, the travel restrictions imposed during lockdowns that still persist in the early stages of reopening have been a setback for money launderers. They too have to adapt to cash going out of fashion.
The image of shady characters sneaking suitcases of bank notes onto planes may seem like an outdated cliché, but the practice is very much alive. The Drug Enforcement Administration seizes around $200 million a year at the 15 largest US airports alone.
