While businesses in every sector are fighting to keep employees safe and ensure access to capital, criminals are benefiting from the coronavirus crisis, exploiting the fact that firms are moving resources away from compliance in order to face more immediate issues. With social distancing measures and growth of remote working, the use of online services and digital communication have also significantly increased and there has been a corresponding rise in digital criminal activity.
Since the effects of these criminal activities can be far-reaching, the risks businesses face from the rise in digital crime should not be underestimated. These are very difficult times for compliance officers while compliance teams will have to re-evaluate what suspicious activity is and employ online verification and authentication tools that they were not previously familiar with. This means the risk is higher than ever for businesses.
Source:https://www.corporatecomplianceinsights.com/compliance-challenges-amid-covid-19/