Trends and strategies for protecting organizations and consumers.
Organizations potentially face substantial revenue losses and increased operational costs due to fraud. With significant levels of exposed consumer identities available to criminals, organizations need to shift their threat postures to assume consumer information is compromised. Those that build consumer trust by enhancing their omnichannel experiences with friction-right fraud detection and prevention capabilities stand to win.
In the H2 2024 Update: State of Omnichannel Fraud Report, TransUnion® provides insight to those responsible for preventing fraud and securing customer experiences to deliver better business outcomes. Omnichannel fraud trends in the first half of 2024 highlighted in the report include:
Cost of fraud posed significant financial risk to organizations
- 6.5% of equivalent revenue, on average, lost due to fraud — representing $359 billion of fraud loss in the past year among 801 business leaders surveyed in Canada, India, the US and UK
- 75% of business leaders indicated fraud increased or stayed the same in the past year
Fraud concern remained high for consumers and businesses
- 5.2% of all global digital transactions were suspected Digital Fraud in H1 2024
New account creation posed highest fraud risk
- 6.5% of all global digital account openings were suspected Digital Fraud; this was the highest risk stage in the customer journey
- $3.2 billion in lender exposure to suspected synthetic identities for US auto loans, credit cards, retail credit cards and personal loans at the end of June 2024 (highest level ever); the percentage of synthetic identities among accounts opened in H1 2024 is also the highest ever.