Research by TransUnion finds digital fraud attempts increasing from India

Written by eveningindia

TransUnion, an American consumer credit reporting agency, on Thursday said in athat since the covid-19 pandemic began, fraudsters are increasing their digital schemes against businesses.

It said that the conclusions about fraud against businesses were based on intelligence from billions of transactions and more than 40,000 global websites and apps contained in fraud analytics solution suite TransUnion TruValidate. These websites and apps have traffic coming from all the countries across the globe, including India, it said.

It found the percentage of suspected fraudulent digital transaction attempts against businesses originating from India increased 28.32% when the period between 11 March 2019 and 10 March 2020 is compared with the period 11 March 2020 to 10 March 2021.

“Fraudsters are always looking to take advantage of significant world events. The covid-19 pandemic and its corresponding rapid digital acceleration brought about by stay-at-home orders is a global event unrivalled in the online age,” said Shaleen Srivastava, executive vice-president and head of fraud solutions at TransUnion in India.

Srivastava said that by analyzing billions of transactions globally, it screened for fraud indicators over the past year and has become clear that the war against the virus has also brought about a war against digital fraud.

In India across industries, TransUnion found that highest percentage of suspected digital fraudulent transactions originated from Mumbai, Delhi and Chennai.

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