Cybercrime Threats Loom Large Over Financial Sector in Antigua and Barbuda Amid COVID-19 Pandemic

As the world grapples with the ongoing COVID-19 pandemic, Antigua and Barbuda is not immune to the growing threat of cybercrime. According to Lt. Col. Edward Croft, Director of the Office of National Drug and Money Laundering Control Policy (ONDCP), financial institutions and individuals must be vigilant against emerging threats.

Rise of Financial Fraud

The pandemic has created an unprecedented environment that is ripe for financial fraudsters to exploit. The ONDCP Director highlighted several emerging threats that could compromise the security of financial transactions and put individuals at risk, including:

• Fiscal and non-fiscal frauds related to the public response to COVID-19, such as:
  • Fraudulent fundraising for fake charities
  • Medical scams
  • Online sales of counterfeit medicines

Increased Risk due to Remote Work

With more people working from home due to lockdown measures, the potential victim pool for cybercrime has increased significantly. The ONDCP Director warned that phishing attacks will continue to enable malicious access to critical systems and cautioned individuals against accessing the world wide web services without being vigilant.

Alternative Methods of Money Laundering

The Director also expressed concerns about organized criminals seeking alternative methods to launder their proceeds, such as cryptocurrencies or wire transfers, due to border closures. He encouraged financial institutions to be more vigilant in conducting financial transactions.

Exploitation by Transnational Organized Crime Groups and Terrorist Financiers

Transnational Organized Crime Groups and Terrorist Financiers are expected to exploit opportunities to offer financial services when state-private sector capabilities are reduced, the ONDCP Director warned. This could include:

• Online fraud targeting individuals
• Ransomware compromising systems within institutions

Government Vulnerability

The Government’s own systems may be more vulnerable to malware, and there could be an increased spread of misinformation and disinformation aimed at confusing the public and undermining the scientific response.

Protection Measures

To stay safe during this time, Lt. Col. Croft urged individuals to:

• Report any suspected cybercrime incidents to the ONDCP or the Police immediately
• Prioritize their safety by practicing proper hygiene, implementing social distancing measures, and avoiding non-essential activities unless absolutely necessary

Final Warning

“Be careful,” Croft warned. “Adhere to proper hygiene practices, implement social distancing, and unless you are a member of the essential services who is permitted to operate, ’tap yah yard’. Be safe.”