Covid-19 was the dominant product in Germany, and many German workers lost their jobs due to it. It increased their chances of falling prey to phishing or engaging in fraud online. Germany had more than 40.000 cases of online fraud in 2020. This is an 11% increase over 2019. Cyber security can be a major technical hurdle that slows Germany’s socioeconomic progress. Cyberscammers target people who conduct online banking. Germany’s reputation as an advanced nation in information technology has been recognized worldwide. Most people do their financial transactions online. Due to the ubiquity of Covid-19 and the choice of many German businesses to adopt telecommuting, the majority of online workers are also susceptible to internet issues like as phishing, cyberbullying, and malware assaults (Farrand & Barrinha, 2017). The most vulnerable to cyber security problems in Germany include telecommuting workers and online bankers. Card fraud costs Germany an average of £90 million every year. Due to the socio-economic consequences of online fraud, online banking has been discouraged. Internet banking fraud can be more dangerous for seniors and the general population. A corporation’s financial performance is also affected by online fraud. Online fraud can cause a company’s financial viability to be in jeopardy if it loses many millions. Telecommuting professionals are vulnerable to cyberbullying and privacy breaches.
To combat fraud online, global companies invest in Blockchain and Apps using Artificially Intelligent Technology. Companies are more vulnerable to fraud online due to the digitalization of their business operations. Businesses are now investing in blockchain technology in order to safeguard their customers’ finances. Businesses should consider blockchain technology because it makes data theft more difficult for hackers or unauthorized persons. Every record has an associated number that is unambiguous and easily identifiable. The blockchain technology not only reduces the centralization and administration of services but also allows all stakeholders access the information they need from any location.
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