Fraudsters will invest heavily in fake COVID-19 vaccine: Europol
Once a genuine vaccine against COVID-19 has been announced, counterfeiters and fraudsters are likely to invest heavily in offering ineffective counterfeit versions of the vaccine online, according to Europol.
“ Beyond the pandemic: how COVID-19 will shape the serious and organised crime landscape in the EU”, released yesterday, April 30, by Europol stated that scammers are already offering fake vaccines online.
In its report, Europol said it expects the impact of the current crisis on serious and organised crime and terrorism to unfold in three phases, equivalent to the short-term/immediate outlook, a mid-term and a long-term perspective.
Phase 1 - the current situation
In April, sister site WIPR reported that demand for counterfeit products, particularly fake pharmaceutical and healthcare products, had surged, according to Europol.
The threat from pandemic-related counterfeit products emerged quickly, with organised crime groups (OCGs) involved in the production and distribution of counterfeit goods proving highly adaptable. Production of COVID-19-related counterfeit pharmaceutical and healthcare products closely followed the spread of the pandemic to markets in the EU.
“Another highly visible phenomenon has been the proliferation of scams promoting fake COVID-19 test kits and treatments,” said yesterday’s report, adding that new variations of these scams appear every day.
However, it’s expected that these types of scams will diminish over time once the current pandemic subsides.
Phase 2 - mid-term outlook
Europol believes that an easing of lockdown measures and restrictions will likely see criminal activity return to previous levels, featuring the same type of activities as before the pandemic.
The trade of counterfeit and substandard goods, particularly those related to healthcare, has boomed during the pandemic and, as demand for these products will remain high, counterfeiters will continue to provide counterfeit and substandard versions of COVID-19 related goods. This includes face masks, fake coronavirus test kits, and pharmaceuticals.
The introduction of the mandatory wearing of masks may increase the supply of such counterfeit items.
Phase 3 - long-term impact
“Anticipating the long-term impact of the pandemic on serious and organised crime and terrorism in the EU is difficult. However, we can look to previous moments of crisis, such as the economic crisis of 2007 and 2008, and how these unfolded in terms of security threats to anticipate general developments,” said Europol.
Counterfeiters have already been among the biggest “profiteers” of the COVID-19 pandemic, added the report.
A recession may further stimulate demand for cheaper daily consumer goods, said Europol. This demand may be met by OCGs offering counterfeit or substandard alternatives, while reduced consumer spending power may inspire counterfeiters to expand into other product lines.
The report concluded: “A potential economic recession may also stimulate social tolerance for these types of goods and their distribution.”
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