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Suspected Financial Services Digital Fraud Attempts From Canada Rise 218 per cent: TransUnion

June 15, 2021 – As more consumers go online for banking and other financial transactions, new research from TransUnion found that fraudsters are ramping up their efforts in the financial services industry. When comparing the last four months of 2020 (Sept. 1 – Dec. 31) and the first four months of 2021 (Jan. 1 – May 1), the company found the percentage of suspected digital fraud attempts1 in financial services coming from Canada increased 218%. Globally, the rate of financial services fraud attempts increased 149 per cent.

Across industries, the rate of suspected digital fraud attempts globally rose 24 per cent when comparing the first four months of 2021 with the last four months of 2020. The percentage of suspected digital fraud attempts coming from Canada increased 23% during the same time period.

“The rate of fraud attempts are up globally and especially in the financial services industry because fraudsters understand this is where the most high value transactions are taking place,” said Shai Cohen, senior vice president of Global Fraud Solutions at TransUnion. “We are seeing more financial services organizations implement fraud prevention solutions with some success, though our findings make it clear that this is not the time to relax. As the economy begins to open up and perform better, businesses need to do even better to ensure they are providing a secure marketplace that offers friction-right experiences to consumers.”

TransUnion monitors digital fraud attempts reported by businesses in varied industries such as gambling, gaming, financial services, healthcare, insurance, retail and telecommunications, among others. The conclusions are based on intelligence from billions of transactions and more than 40,000 websites and apps contained in its flagship identity proofing, risk-based authentication and fraud analytics solution suite – TransUnion TruValidate. Financial Post reports. | READ MORE