TransUnion Study Finds Uptick in Online Fraud

A new TransUnion study has found that online fraudulent activity has increased 11% since the beginning of March; the report also found a 250% increase in digital transactions since the pandemic began; identity fraud was the most common type of fraud they found with a 23% increase within the TransUnion network, with synthetic identity fraud being the most common; there is an estimated $1 billion in outstanding balances linked to synthetic identities across auto, card and personal loan markets; Shai Cohen, senior vice president of global fraud and identity solutions at TransUnion, said, “One of the most effective ways to reduce this type of fraud is to detect suspicious patterns or attributes during the account opening and verification process. Lenders can easily incorporate these red flags into their fraud detection models for more comprehensive coverage while better protecting consumers.” Fox Business.

Peter Renton is the chairman and co-founder of LendIt Fintech, the world’s first and largest digital media and events company focused on fintech.

LendIt Fintech conducts three conferences a year for the leading fintech markets of the USA, Europe, and Latin America. LendIt also provides cutting-edge content all year long via audio, video, and written channels.

Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series.

Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.

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