Image courtesy of Bloomberg Tax
As the IRS distributed $1,200 stimulus payments during the COVID-19 pandemic, fraud experts warned the combination of a vulnerable population and predictable payment schedule created ideal conditions for scammers. The FTC had already reported more than $13 million in COVID-19 fraud losses, a figure experts cautioned would grow exponentially. Arkose Labs had documented a 20% spike in fraud attempts in Q1 2020 as criminal operations rapidly mobilized around pandemic-driven digital activity.
