Digital change happens at the speed of light, and fraudsters move nearly as quickly to exploit vulnerabilities and gaps in fraud prevention capabilities. Financial institutions cannot afford to leave protection up to chance.
According to TransUnion’s global online fraud trends analysis, digital fraud attempts against financial institutions have seen a spike of 22% in the U.S. and 46% globally since the pandemic began. And in our recent blog post, we have identified the common fraud trends, which include identity theft and spyware, synthetic identity fraud, credit washing, transaction fraud, and data breaches.
The pandemic has catalyzed the digitization process like nothing we’ve seen before. With 10 years worth of digitalization happening in the first 6 months of 2019, financial institutions who haven’t invested in their digital strategy are now facing severe challenges on the following fronts: