Over four in ten consumers have been targeted by fraud

New data published by TransUnion, shows that consumer over four in ten (43%) UK consumers who said they have been targeted by fraud were targeted by phishing in the period between September and December 2022.

The data also showed that smashing, fraudulent text messages meant to trick you into revealing data (40%) and vishing fraudulent phone calls with the same aim (28%), indicating that digital channels remain the most common focus for fraudsters.

However, the top types of digital fraud which consumers were most worried about differed from the attempts reported, as the biggest consumer concerns were identity theft (52%), stolen credit cards (45%) and account takeover (41%).

Josh Gunnell, Director of Fraud and ID for TransUnion in the UK, said “We’re seeing a persistently high number of suspected digital fraud attempts, with the total volume still 11% higher than pre-pandemic. This reflects the overall accelerated adoption of digital technologies and rise in online transactions. UK businesses need to take proactive steps to protect themselves and their customers by ensuring that identity proofing and authentication is up-to-date and as robust as possible.”

A number of industries have seen a rise in digital fraud attempts from the UK in comparison to 2021, including insurance, gambling and logistics. At the same time, some industries, such as financial services, saw a significant drop in attempts year-on-year indicating that cyber criminals have turned their attention elsewhere. This may be testament to the increasing levels of control that finance providers are putting in place to help stop fraud and raise awareness of scams.

Gunnell continued “Rates of digital fraud attempts by sector tend to change rapidly, as fraudsters innovatively shift focus to where there are new opportunities to make financial gain. They will be agile in targeting consumers and organisations as the UK navigates this current period of economic uncertainty. At TransUnion, we help businesses across a wide range of industries prevent fraud by using intelligent, predictive solutions to deliver better experiences.”