Digital Fraud Growing Faster than Digital Transactions: TransUnion
Between 2019 and 2023, suspected digital fraud grew 105%, outpacing digital transactions which grew 90% according to a new report from TransUnion. By the end of 2023, lenders were facing over $3 billion exposure through the use of fake or synthetic identities for credit cards, auto loans and personal loans. Over 50% of consumers in 18 select countries and regions reported being targeted with fraud attempts, just between September and December 2023.