How to protect yourself from fraud in times of economic instability

In times of economic uncertainty-due to tariffs, geopolitical events, or other market turbulence-the risks of fraud usually increase, as is to be expected in a volatile economic environment. It is likely that malicious actors with malicious intentions will attempt to take advantage of the situation by operating in various critical sectors.

Firstly, e-commerce related fraud is likely to increase as fraudsters take advantage of the increased demand for goods that are expected to become more expensive. They may, for example, create fake websites that look very similar to the real thing or send emails using the most sophisticated fraud methods to promote "pre-tariff discounts". Consumers rushing to secure lower prices may unwittingly give financial information to fraudsters, resulting in loss of funds or identity theft.

Second, disruptions in the supply chain may force businesses and consumers to find alternative suppliers quickly, often following less stringent control procedures. This may facilitate the entry of counterfeit products into the market, as well as the promotion of malware through counterfeit devices by cybercriminals. This concern was recently highlighted by Kaspersky, revealing an advanced variant of the Triada virus, which came pre-installed on counterfeit Android devices sold through unauthorised retailers. Operating at the firmware level, this malware allows attackers to gain full control of the device, facilitating the theft of cryptocurrency, control of social media accounts and unauthorized call redirection-all of which highlight the serious risks that can result from breaching supply chains.

Third, market turmoil is paving the way for investment fraud. Fraudsters may mimic legitimate financial institutions, promising "guaranteed" high returns based on supposedly insider information about tariffs. They may also carry out phishing campaigns and create fake websites to steal sensitive information. For example, an unverified post on social media about a potential tariff suspension recently caused a temporary multi-trillion dollar market boom before it was disproved-which is indicative of how quickly disinformation acts, amplifying so-called "investment bubbles" or "pump-and-dump" scams.

To reduce risk, consumers should verify the legitimacy of sellers before making purchases, use payment methods that offer fraud protection, and be wary of offers that seem too good to be true. Investors should do extensive research, rely only on reliable sources of information and be wary of unsolicited offers that promise excessive returns. As the economic landscape continues to change, acute vigilance becomes increasingly necessary. Understanding these threats can help both consumers and investors better protect themselves.

To further limit their exposure to scams and malicious websites, the use of a reliable cybersecurity solution is recommended. In addition to detecting phishing attempts and blocking suspicious downloads, it also provides real-time protection for online shopping and financial transactions-allowing users to identify fake websites before entering sensitive information. By combining prevention tools with a cautious, information-based approach, consumers and investors can remain active in times of economic instability with greater confidence and resilience in the face of emerging threats.