Impact of COVID-19 pandemic on the digital transformation and digital frauds in the US economy

Abstract

The COVID-19 pandemic had a huge impact on the US economy, especially in the tourism, aviation, real estate, information technology, hospitality, and food industries. An increase in companies opting for digital transformation and the work-from-home option has also increased the risk of internet fraud and identity threats. Change in the shopping patterns has witnessed 29% of individuals in the USA falling prey to digital fraud associated with COVID-19. This study witnessed a significant increase in the rate of internet thefts, phishing, scamming and financial frauds in the US during the COVID-19 pandemic. Meta-analysis performed using the previously reported data on the proportion of internet frauds and identity theft in the USA showed a pooled response rate of 44.71% (95% CI: 44.68-44.73%), 15.18% (95% CI: 15.17-15.20%), respectively from 2015 through 2019. The study also discussed the global forecast and prevention of such internet frauds and thefts post COVID-19 pandemic. © 2022 Inderscience Enterprises Ltd.