SHIELD Announces DeviceSHIELD To Protect Small Businesses From Cyber Fraud During The COVID-19 Pandemic
DeviceSHIELD will provide free risk intelligence to 90% of online businesses to help combat fraud and prevent the average financial losses of $200,000 from cyberattacks¹
SHIELD, the world’s leading cybersecurity company specializing in cyber fraud and identity verification, today launched DeviceSHIELD, a cyber fraud solution specifically designed to combat the increase in fraud attacks to online businesses during the COVID-19 pandemic. It provides actionable intelligence in real time to identify fake devices and protect businesses from bad actors, reputational damage, and fraudulent transactions.
During the COVID-19 pandemic, cyber fraud has become the fastest-growing form of criminal activity, putting both businesses and consumers at heightened risk. Today, consumers are conducting more digital transactions and using an increasing number of online applications. SHIELD has identified several key industries in which cyber fraud has risen as a result of the COVID-19 pandemic, namely on-demand services like food delivery and ride-hailing, e-commerce and marketplace platforms, online gaming, e-wallets, loyalty and cashback offerings, online banking, and entertainment.
Over the past year, the tools that hackers are using have also become much more sophisticated. Fraudsters are now using emulators, app cloners, virtual private networks (VPNs), and global positioning system (GPS) spoofers from mobile devices to commit fraud.
“More online transactions means more vulnerabilities to cyber fraud, and the COVID-19 pandemic has made this more relevant than ever,” said Justin Lie, CEO of SHIELD. “43% of online attacks are now aimed at small businesses, with only 14% actively prepared to defend themselves.2 We have created a technology to protect online industries we believe are worst affected by COVID-19. However, any businesses with less than 100,000 monthly active users will receive it for free, which equates to roughly 90% of all online businesses.”