TransUnion’s latest analysis of global online fraud trends found that since the COVID-19 pandemic began, fraudsters are increasing their rate of digital schemes against businesses. In addition, a recent study found that more than one in three global consumers have recently been targeted by digital fraud related to COVID-19.
Billions of transactions illustrate a war against digital fraud
The percent of suspected fraudulent digital transaction attempts against businesses worldwide increased 46% when comparing the following two periods: Period #1 (March 11, 2019 and March 10, 2020); Period #2 (March 11, 2020 – when the World Health Organization declared COVID-19 a global pandemic – and March 10, 2021). In the U.S., this percentage increased 22% in the same timeframe.