Friday, Mar 29 2024 | Time 10:26 Hrs(IST)
image
States » East


As Businesses Reopen Physical Locations, New TransUnion Research Shows Digital Fraud Attempts in India Against Companies Decrease

Kolkata, Oct 20 (UNI) New research by information and insights provider TransUnion found a marked increase in suspected online fraud attempts in India, against businesses, after the World Health Organization (WHO) declared COVID-19 a global pandemic on 11 March 2020.
Conversely, TransUnion recently observed a decrease in such attempts as companies reopened their physical locations. TransUnion came to its conclusions about fraud against businesses globally based on intelligence from billions of transactions and more than 40,000 websites and apps contained in its flagship fraud prevention solution, IDVision® with iovation®.

Specifically, TransUnion found that suspected online fraud from India against businesses increased 121% from right before the pandemic (1st Jan-10th March) to the beginning of the pandemic (“phase 1,” 11th March -18th May). However as businesses began reopening (“phase 2,” 19th May - 25th July), TransUnion’s findings revealed a 29% decrease in suspected digital fraud attempts from India against businesses when compared to phase 1 (11th March-18th May).

Globally, TransUnion found the per cent of suspected fraudulent digital transactions against businesses worldwide decreased 9% from the beginning of the pandemic (11th March – 18th May) to when businesses began reopening (19th May 19- 25th July).

“With the rush for businesses to go digital as many were forced to go completely online almost overnight, fraudsters tried to take advantage,” said Shaleen Srivastava, EVP and Head of Fraud, Solutions and Alternate Data at TransUnion in India. “They were most likely unsuccessful in their attempts and took their scams elsewhere as those businesses ramped up their digital fraud prevention solutions while providing a friction-right consumer experience. Conversely, with consumers, fraudsters are increasingly using COVID-19 to prey on those persons who are facing mounting financial pressures.”

Recent Rise in Suspected Online Fraud Against Certain Industries TransUnion also analyzed the change in the per cent of suspected digital fraud from India against businesses across industries recently.

“Our analysis suggests that financial services and logistics companies have witnessed the highest percentage increase in suspected fraudulent digital transactions coming from India recently. Astute monitoring and vigilance are vital to contain and control losses due to fraudulent transactions,” asserts Shaleen.

TransUnion analyzed the below industries for a change in the per cent of suspected digital fraud against them, comparing the periods of 11th March —18th May and 19th May —25th July.

“Given the billions of people globally that have been forced to stay at home, industries have been disrupted in a way not seen on this massive of a scale for generations,” concludes Shaleen “Now that many transactions have shifted online, fraudsters have tried to take advantage and companies must adapt. Businesses that come out on top will be those leveraging fraud prevention tools that provide great detection rates and friction-right experiences for consumers.”


This quarter TransUnion analyzed fraud trends against companies to reflect the reopening of in-person business locations during the COVID-19 pandemic. TransUnion used 11th March 2020 – the date the World Health Organization declared COVID-19 a global pandemic – as a base date for its analysis. It used 18th May and 19th May as the mid-point dates during the pandemic in order to compare fraud trends during the first 68 days to the second 68 days of the pandemic. Suspected fraud are transactions that TransUnion’s customers either denied or reviewed due to fraudulent indicators.

UNI XC RN
More News

Probe into killing of two people in Meghalaya

28 Mar 2024 | 10:06 PM

Shillong, Mar 28 (UNI) Meghalaya police on Thursday said probe is on into the killing of two persons in Ichamati and Dalda in Meghalaya’s East Khasi Hills district along the India-Bangladesh border, even though no arrest was made in this connection till the filing of this report.

see more..

Ten candidates are in the fray for LS polls in Meghalaya

28 Mar 2024 | 9:59 PM

Shillong, Mar 28 (UNI) The nomination papers of ten candidates seeking to contest from two parliamentary seats in Meghalaya, Shillong, and Tura, were found valid during scrutiny on Thursday, an official said.

see more..

Notification issued for election in five Lok Sabha seats of Bihar

28 Mar 2024 | 9:47 PM

Patna, Mar 28 (UNI) The notification for conducting elections in five Parliamentary constituencies of Bihar was issued on Thursday.

see more..

Blaming betrayal Arun Kumar quits Chirags' party

28 Mar 2024 | 9:42 PM

Patna, Mar 28 (UNI) Annoyed with the denial of a ticket for the Lok Sabha elections, the national Vice President and former MP of Lok Janshakti Party (LJP-Ramvilas) Arun Kumar dissociated himself from the party accusing the party national President of betraying him.

see more..

NALCO launches new product AL 59 conductors

28 Mar 2024 | 9:30 PM

Bhubaneswar, Mar 28 (UNI) NALCO has launched a new product AL-59 in the form of an Aluminium Alloy Ingot.

see more..
image