One in two consumers targeted by fraud

One in two (50%) consumers have reported a fraud attempt had been made against them in the last three months, with many even reporting to falling victim according to new research by TransUnion.

The survey found that 14% of UK respondents reported they had lost money to fraud in the last year alone, through various methods including third-party seller scams, fraudulent charges, and account takeover. Notably, consumers are increasingly favoring account security over ease of access, with over three quarters (78%) of consumers stating they don’t want access to their accounts without being explicitly authenticated first, and nearly half (49%) stating they don’t mind being authenticated again after an initial login – for example, when making a payment or changing a password.

Chad Reimers, General Manager of Fraud & Identity at TransUnion, said “Consumer expectations are challenging the status quo for organisations as they design their digital experiences.

“Quick and seamless journeys have become the norm. However, consumers are increasingly demanding trust as part of their interactions with digital channels. There are increasing demands from consumers to ensure security and authentication, and this spans across sectors, from financial services, to gaming to online dating. These demands are challenging businesses to consider holistic data and technology capabilities to build out trust signals via identity, digital, and device attributes.”