Digital fraud report overview:
- Who: TransUnion has released its 2023 State of Omnichannel Fraud report.
- Why: The report revealed an 80% increase in suspected digital fraud attempts globally from between 2019 and 2022.
- Where: Nationwide.
There was an 80% increase in suspected digital fraud attempts globally from between 2019 and 2022, according to TransUnion’s 2023 State of Omnichannel Fraud report.
On a global scale, cases of digital fraud returned to numbers closer to what was seen before the COVID-19 pandemic, according to TransUnion, which said the risk to organizations and individuals is now “even greater than before.”
TransUnion said this year’s State of Omnichannel Fraud report, meanwhile, will be able to provide “insights and recommendations” for implementing “smarter, more effective fraud prevention strategies.”
New fraud prevention strategies can enable building consumer trust by “demonstrating safety in omnichannel customer experiences,” according to TransUnion.
In total, the 2023 report determined that 4.6% of all global digital transactions were potentially fraudulent last year, while an 80% increase in digital transactions resulted in an 80% growth in suspected digital fraud attempts from 2019 and 2022.
TransUnion said digital fraudsters have also been weaponizing stolen identifiers to “commit increasingly sophisticated fraud,” with the report revealing an 83% increase in publicly reported data breaches in the U.S. from 2020 to 2022.
Stolen identifiers attributed to $4.6 billion in outstanding balances, TransUnion report says
Stolen identifiers becoming more common in digital fraud was also evidenced by a total of $4.6 billion in outstanding balances that have been attributed to suspected stolen identities for credit cards, retail credit cards, U.S. auto loans and unsecured personal loans, according to the report.
TransUnion said the amount was the highest ever recorded and represented a 27% increase since 2020.
Fraudsters have also been utilizing all digital channels to access consumer accounts, according to the report, which revealed 52% of consumers said they were targeted with a fraud attempt either by phone, email, text message or online from September to December 2022.
A total of 62% of high-risk phone calls coming into U.S. call centers, meanwhile, originated from non-fixed VoIP phone lines last year, according to the report.
A similar report released by global digital identity company ForgeRock last year revealed the U.S. was the most expensive country in the world in which to suffer a data breach — the average cost being $9.5 million.
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