“From the impacts of phishing and other well documented COVID-19 scams like unemployment fraud, it’s clear that fraudsters have the data and increasing opportunities to create synthetic identities and utilize stolen identities,” said
To better understand the impacts of COVID-19 on consumers,
Top Global Online COVID-19 Scams Targeting Consumers
Rankings | Percentage Hit by Scheme Among Those Targeted by Digital COVID-19 Fraud |
| 27% |
| 21% |
| 19% |
| 18% |
| 15% |
| 15% |
| 14% |
| 14% |
| 13% |
| 12% |
| 12% |
| 11% |
Online COVID-19 Scams Targeting Consumers by Country
Country | Top Fraud Type | Percent Targeted by All Digital COVID-19 Fraud |
Phishing | 30% | |
Third-party seller scams on legitimate online retail websites | 25% | |
Phishing | 37% | |
Unemployment scam | 38% | |
Phishing | 30% | |
Phishing | 31% |
“Although the schemes may vary by country, a new approach to identity verification that supplements traditional authentication methods is needed to defend against their impact,” said Kelly. “The key is creating a friction-right experience where consumers are confident they are dealing with a legitimate organization or business.”
IDVision® with iovation®, TransUnion’s flagship identity verification, consumer authentication and fraud prevention solution suite unites personal and digital data into one of the most comprehensive data identity platforms in the world.
- With Enhanced Bureau Verification Services Identity,
TransUnion offers a solution that can assist in the identification and risk categorization of consumers, while keeping customer friction to a minimum throughout the process. The result is a better ability to detect fraud while quickly approving good customers and minimizing back-office reviews.
- TransUnion’s Address Verification Services (AVS) compares credit card numbers and other consumer information with the
TransUnion credit bureau file to help verify that all information matches the billing file. AVS helps businesses look for fraudulent transactions and chargebacks—especially valuable for internet and mail order/telephone order merchants, who have greater challenges in identifying customers.
- With IDVision with iovation Device capabilities,
TransUnion provides a comprehensive view of consumer identity. This solution stores fraud evidence for devices identified as being used in fraudulent transactions, with up to five years of historical device data available.
“Given the digital transformation that’s been accelerated by the recent pandemic, it’s more important than ever to secure trust in faceless channels with a simple consumer experience by reducing the need for businesses to manually review transactions,” said
This solution also includes a global network of fraud and risk insights, employing data of fraudulent activity for additional insights about devices, locations and behaviour.
For more details about TransUnion’s fraud and identity management solutions, go here. To download TransUnion’s Consumer Hardship Studies, go here.
About
Contact | |
Fiona.Bang@ketchum.com | |
Telephone | 647-680-2885 |
Source:
2020 GlobeNewswire, Inc., source