Marc Rocker, Head of Cyber at Towergate Insurance warns that: “QR codes are designed for convenience, but criminals are targeting our desire to do things more efficiently and with as little effort as possible. This means that convenience can come at a high price and, unfortunately, there are many examples of people falling victim to scams using these fake codes. Corrupted QR codes have been found on emails, television, parcels, menus and Pay and Display parking meters. One lady was scammed £13,000 after scanning a fake QR code in a railway station in Stockton-on-Tees. Within minutes, the cybercriminals made a string of fraudulent payments on her credit card and even succeeded in taking out a £7,500 loan in her name.”
Last year, Action Fraud reported receiving 1,386 reports of Quishing. This has jumped considerably from 2019 when only 100 reports were logged. Lead officer at the Chartered Trading Standards Institute, Katherine Hart, states that Quishing attacks are “significantly under-reported” meaning that the actual figure could be even more startling.
Parking meters are particularly vulnerable to Quishing and the RAC advises against using the QR codes provided in car parks or on meters to pay for parking. Instead, opt for cash, card or manually download the official app by typing its name into your app store.
The threat to SMEs is significant
From a business perspective, QR codes can now be found on business cards, exhibition stands, email signatures and on multifactor authentication apps. The threat to SMEs is significant as many don’t have sufficient cyber insurance. However, in reality, the risk of cybercrime to businesses far outweighs many other risks that they would have cover for, without a second thought. SMEs need to take a much more serious interest in protecting themselves against this dangerous new threat.
As Marc Rocker concludes: “In light of the growing risks associated with QR codes, many officials and organisations recommend avoiding them entirely, unless you are absolutely certain that they are safe. Even then, it is best to exercise caution. If there is an alternative way to access the information required, we strongly advise you to consider it. With QR codes, you should always opt for safety over convenience. Obviously, it is more time-consuming to manually type in a URL, but can you truly put a price on your financial security?”
For further information visit Towergate’s cyber liability page
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