During the continuing increase in the prevalence of digital fraud on businesses and customers, the investigation by TransUnion revealed that criminals reorient their efforts from financial services to the travel, leisure, and gaming industries.
Globally, there was an up 16.5% rate in the industry compared to the Q2 2021 to Q2 2020 for suspected digital fraud intent. In the United States, the percentage of digital fraud efforts in the same period grew at a similar rate (17.1 percent).
What sectors of business are affected by the rising digital fraud attempts?
The two most affected industry sectors in the world were gaming and traveling and leisure at the suspected attempt rate at digital fraud, which increased by correspondingly 393.0% and 155.9% last year. In the US, the game rate has grown by 261.9% and travel and leisure by 136.6%.
“For fraudsters, it is extremely usual every few months to shift their attention from one industry to another.” Said senior personnel from Transunion
The senior personnel went on to add “The fraudsters tend to search for industries which can see an enormous transaction development. As countries began to open more locks and travel and other activities in the COVID-19 market have become more prevalent, this sector has clearly been assigned a key priority by fraudsters. The huge growth of gaming fraud can also be caused by the shift in fraudsters’ focus, as this burgeoning business becomes a larger target.”
The financial services show an example of a quick shift in fraudster concentration. Tentative online financial services rates of global financial services increased 149 percent compared to the first four months of 2021 and the last four months of 2020. But the rate of suspected fraud in the field of online financial services has still climbed, compared to Q2 2021 and Q2 2020, but at a considerably lower rate of 18.8% worldwide, 38.3% in the United States.
Many consumers are still being targeted by COVID-19 themed digital fraud
During the period of increased online fraud efforts at companies, one out of three consumers stated that during the second quarter of 2021 they were being targeted against a COVID-19 digital fraud scheme. The study indicated that almost 36% of respondents worldwide reported fraud in COVID-19 digital systems. They were targeting fraudsters. 39% of respondents in the United States said they were targeted.
Digital fraud in Q2 2021 is associated with the No.1 type of COVID-19 phishing that affects global users. Among global customers who say that they have been targeted by digital fraud via COVID-19, 33% believe they are targeting or being the victim of this.
The second most-quoted sort of COVID-19 online fraud among the targeted individual’s affected world consumers was the stolen loan card or fraudulent charges. In the United States, Phishing was No. 1 of 35%, followed by stolen credit cards and 31% fraudulent charges.
Since fraudsters continue to target consumers, companies are responsible for doing everything in their power to guarantee that their customers have the right level of security to confidence that their business is safe while enjoying the ideal experience to prevent abandoning shopping carts.
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