TransUnion sees fraud attempts rise 24 percent among its customers globally

The global rate of suspected financial-services digital fraud attempts among TransUnion customers rose 24 percent in the first four months of 2021 compared to the previous four months, according to the credit-reporting and digital ID validation firm.

TransUnion sells business-to-business services to detect digital fraud. An identity vendor, Trulioo, in March reported that more than half of financial services firms and three-quarters on online marketplaces have adopted more digital ID-verification tools, including those for mobile devices.

Suspected digital fraud attempts grew 25 percent in financial services among TransUnion’s customers in the United States, and 23 percent in Canada. The biggest increases in its survey were in Columbia, at 61 percent, the UK, at 53.6 percent, and Brazil, at 53.5 percent.

Spain rose a mere 0.3 percent.

TransUnion defines the rate of suspected digital fraud attempts as the ones that its one billion customers “either denied or reviewed due to fraudulent indicators compared to all transactions (the company) assessed for fraud.”

Digital identity theft was the biggest segment of fraud in financial services. The second and third segments were first-party application fraud and account takeover, respectively, according to the company.

TransUnion released a statement about the figures for financial services attempts saying the increases reflected criminals realizing that that is where the money is at.

In a survey that revealed the trend, 60 percent of customers reported that most of their financial transactions are made through mobile apps.

Article Topics

biometrics  |  cybersecurity  |  digital identity  |  financial services  |  fraud prevention  |  identity verification  |  KYC  |  TransUnion