In 2022, fraud returned to something more closely resembling pre-pandemic levels in 2022-4.6 percent of digital transactions globally were potentially fraudulent. However, with increased digital transaction volumes, the risk to organizations and individuals was even greater than before. From 2019 to 2022, digital transaction volume increased 80 percent globally, resulting in an 80 percent growth in suspected digital fraud attempts.
Compounding this fraud risk was the 83 percent increase in publicly reported data breaches in the US from 2020 to 2022. Stolen identifiers from data breaches are being weaponized to commit increasingly sophisticated fraud. It’s not surprising that 52 percent of consumers said they were targeted with online, email, phone call or text messaging fraud attempts from Sept. to Dec. 2022.
TransUnion’s State of Omnichannel Fraud Report 2023 reviews digital fraud risk, including device risk, and offers recommendations for implementing smarter, more effective fraud prevention strategies that build consumer trust by distinguishing safe from risky interactions in digital customer experiences.
