Rate of Suspected Digital Fraud Attempts Coming from Canada Decreased 41% as Fraudsters Recognize More Businesses are Implementing Fraud Prevention…
Posted: May 18, 2022 at 1:44 am
TORONTO, May 17, 2022 (GLOBE NEWSWIRE) -- The rate of digital fraud originating from Canada decreased in Q1 2022, with suspected online fraud attempts declining -40.6% from the same quarter last year, in line with the global decrease of -22.6%. TransUnions (NYSE:TRU) quarterly digital fraud analysis observed that while the overall rate of suspected fraud declined in Canada, there were significant shifts year-over-year (YoY) in suspected digital fraud rates within certain industries. Sectors such as financial services, telecommunications, communities (i.e. online dating), and gambling all saw a YoY decrease in the attempted digital fraud rate from Canada. Conversely, fraudsters in Canada significantly increased their scams in sectors such as insurance, gaming, and travel and leisure.
What we are observing in Canada, and on a global stage, is that these sophisticated fraudsters are shifting their focus to target new industries as prior industry targets have ramped up fraud prevention measures. In other words, fraudsters are constantly seeking out new opportunities based on vulnerabilities, said Patrick Boudreau, head of identity management and fraud solutions at TransUnion Canada. Whats critical is that companies dont become complacent with fraud prevention measures as fraudsters become ever more sophisticated. At the same time, companies should leverage this temporary shift in fraudulent activity to focus on optimizing customer experience without compromising security.
Rate of Digital Fraud Attempts Decrease in Canada, but Some Industries See Growth
The financial services industry saw the largest YoY decrease in the suspected fraud attempt rate for digital transactions coming from Canada at -88.2%. When digital fraud in financial services did occur, TransUnion found the most dominant type in that industry was first party application fraud. Thats when an individual completes a fraudulent application(s) that contains intentionally inaccurate or manipulated information with the intention of receiving a lower rate or better terms for a policy or contract.
Certain business sectors, however, were more prone to digital fraud attempts, with fraudsters having cycled through certain industries during the pandemic and now rotating to other vulnerable industries. The insurance industry exhibited the greatest YoY growth in the rate of suspected digital fraud coming from Canada in Q1 2022 by 150.8%, potentially because of the large transactions involved in insurance. Travel and leisure showed the second highest YoY increase by 59.9%. As the Canadian economy normalized from the height of the pandemic, this sector has opened up with Canadians resumed travelling again. The gaming industry experienced the third highest YoY increase at 20.2%. This was followed by the logistics industry, which increased 13.2% YoY, mostly impacted by shipping fraud which is when a buyer spoofs a shipping address or when a seller receives payment for goods or services, but never ships to the buyer.
Year-over-year Growth Rates of Digital Fraud Attempts (Q1 2021 to Q1 2022)
While there has been an overall decrease in suspected digital fraud attempts on businesses, the overall rate of fraud attempts reported by Canadian consumers has not shifted significantly, according to the recent TransUnion Consumer Pulse Study. The survey of 1,069 Canadian adults conducted from Feb. 14-17, 2022, determined that 32% of Canadians had been targeted by digital fraud in the last three months compared to 33% the previous quarter. Among those surveyed, 26% say they had been targeted by a fraud scheme but did not become a victim of it while 6% did fall victim.
Of those Canadians who say they had been targeted, the types of schemes they reported included:
As digital fraud rates stabilize in Canada during a period when fraudsters are searching for new vulnerabilities, its important that organizations shift their focus to identifying more of the good customers and transactions to drive revenue and customer lifetime value. By reducing false positives, false declines and manual review rates, organizations can improve their customer experience through trusted connections while still keeping the fraudsters at bay, said Boudreau.
For worldwide and regional breakdowns around how much the suspected digital fraud attempt rate recently changed, what types of fraud are most prevalent in certain industries and more, download this infographic.
TransUnion came to its conclusions about fraud against businesses based on intelligence from billions of transactions and more than 40,000 websites and apps contained in its flagship identity proofing, risk-based authentication and fraud analytics solution suite TransUnion TruValidate. The percent or rate of suspected digital fraud attempts are those that TruValidate customers either denied or reviewed due to fraudulent indicators compared to all transactions that were assessed for fraud.
About TransUnion (NYSE: TRU)TransUnion is a global information and insights company that makes trust possible in the modern economy. We do this by providing an actionable picture of each person so they can be reliably represented in the marketplace. As a result, businesses and consumers can transact with confidence and achieve great things. We call this Information for Good. TransUnion provides solutions that help create economic opportunity, great experiences and personal empowerment for hundreds of millions of people in more than 30 countries. Our customers in Canada comprise some of the nations largest banks and card issuers, and TransUnion is a major credit reporting, fraud, and analytics solutions provider across the finance, retail, telecommunications, utilities, government and insurance sectors.
- Master Keys to Success Video [Last Updated On: June 20th, 2011] [Originally Added On: June 20th, 2011]
- Barbara Marx Hubbard, Conscious Evolution [Last Updated On: August 10th, 2011] [Originally Added On: August 10th, 2011]
- Personal Empowerment - Counselling and Hypnotherapy in ... [Last Updated On: September 14th, 2015] [Originally Added On: September 14th, 2015]
- How to Increase Self Empowerment | EnergyFanatics.com [Last Updated On: September 14th, 2015] [Originally Added On: September 14th, 2015]
- What is Empowerment, why is it so important, how do I get it? [Last Updated On: September 14th, 2015] [Originally Added On: September 14th, 2015]
- Self Empowerment Exercise - Inspired Personal Development [Last Updated On: September 14th, 2015] [Originally Added On: September 14th, 2015]
- Empowerment - Wikipedia, the free encyclopedia [Last Updated On: September 14th, 2015] [Originally Added On: September 14th, 2015]
- Quotes About Self Empowerment (203 quotes) - Goodreads [Last Updated On: September 14th, 2015] [Originally Added On: September 14th, 2015]
- Personal Empowerment Solutions.com [Last Updated On: September 16th, 2015] [Originally Added On: September 16th, 2015]
- The Self Empowerment Guide [Last Updated On: September 16th, 2015] [Originally Added On: September 16th, 2015]
- Empowering Women - Self Empowerment, Personal & Spiritual ... [Last Updated On: September 25th, 2015] [Originally Added On: September 25th, 2015]
- Dolphin Empowerment for Energy Healing with Takara Home [Last Updated On: September 25th, 2015] [Originally Added On: September 25th, 2015]
- Ten Guideposts to Self-Empowerment - Possibility Coaches [Last Updated On: October 10th, 2015] [Originally Added On: October 10th, 2015]
- Minds Of Power: What Is Personal Empowerment? [Last Updated On: October 10th, 2015] [Originally Added On: October 10th, 2015]
- Personal Empowerment - Empowerment Institute [Last Updated On: October 10th, 2015] [Originally Added On: October 10th, 2015]
- destressifying: The Real-World Guide to Personal ... [Last Updated On: October 23rd, 2015] [Originally Added On: October 23rd, 2015]
- Leadership Skills for Nurse Managers: Personal Empowerment [Last Updated On: January 22nd, 2016] [Originally Added On: January 22nd, 2016]
- Personal Empowerment Group . com - Empowering You [Last Updated On: January 22nd, 2016] [Originally Added On: January 22nd, 2016]
- Definition: Personal Empowerment - SelfGrowth.com [Last Updated On: January 22nd, 2016] [Originally Added On: January 22nd, 2016]
- Personal Empowerment Institute | Personal Empowerment ... [Last Updated On: January 22nd, 2016] [Originally Added On: January 22nd, 2016]
- Personal Empowerment Today [Last Updated On: January 22nd, 2016] [Originally Added On: January 22nd, 2016]
- Personal Empowerment Is More Than a Feeling | Psychology Today [Last Updated On: January 26th, 2016] [Originally Added On: January 26th, 2016]
- Self Empowerment Appears Fundamental For Personal Development [Last Updated On: January 27th, 2016] [Originally Added On: January 27th, 2016]
- Personal Empowerment Coach Certification - The S.W.A.T ... [Last Updated On: February 1st, 2016] [Originally Added On: February 1st, 2016]
- Personal Empowerment Program : World Youth [Last Updated On: February 27th, 2016] [Originally Added On: February 27th, 2016]
- Series On Personal Empowerment at Psychology, Philosophy ... [Last Updated On: March 12th, 2016] [Originally Added On: March 12th, 2016]
- The Secrets of Personal Empowerment [Last Updated On: May 22nd, 2016] [Originally Added On: May 22nd, 2016]
- Exercise - Articles and Advice [Last Updated On: July 1st, 2017] [Originally Added On: July 1st, 2017]
- Fly Charts: Warren Buffett's Good Mood and Organic Activism - Bloomberg [Last Updated On: July 3rd, 2017] [Originally Added On: July 3rd, 2017]
- Distinguished Young Women inspire Westminster Boys and Girls - Carroll County Times [Last Updated On: July 9th, 2017] [Originally Added On: July 9th, 2017]
- Susan Lake and Laura Meeks, life coaches, to speak - Idyllwild Town Cier [Last Updated On: July 30th, 2017] [Originally Added On: July 30th, 2017]
- Shamanic Healer and Teacher Anahata Ananda Presents Powerful 2-Day Shamangelic Breathwork Facilitation ... - Benzinga [Last Updated On: July 30th, 2017] [Originally Added On: July 30th, 2017]
- Kathleen Mitchell obituary - The Guardian [Last Updated On: July 30th, 2017] [Originally Added On: July 30th, 2017]
- Sowing education and empowerment with needle and thread - The San Diego Union-Tribune [Last Updated On: July 30th, 2017] [Originally Added On: July 30th, 2017]
- Art auction to support local charities - La Crosse Tribune [Last Updated On: July 30th, 2017] [Originally Added On: July 30th, 2017]
- I took an empowering women's self-defense workshop at a boxing gym, and here's why everyone should try it - HelloGiggles [Last Updated On: July 30th, 2017] [Originally Added On: July 30th, 2017]
- Q&A: New YWCA CEO Vanessa McDowell emphasizes empowerment - Madison.com [Last Updated On: July 30th, 2017] [Originally Added On: July 30th, 2017]
- RadKIDS combines safety and fun | K-12 Education ... - Columbia Missourian [Last Updated On: July 30th, 2017] [Originally Added On: July 30th, 2017]
- Empowerment - Wikipedia [Last Updated On: July 30th, 2017] [Originally Added On: July 30th, 2017]
- Claire Saenz, Looking in the 'Mirror' and Seeing the Self - The Good Men Project (blog) [Last Updated On: August 12th, 2017] [Originally Added On: August 12th, 2017]
- Quota for three tribes in Arunachal pageant: Case of cross-wired activism - Hindustan Times [Last Updated On: August 12th, 2017] [Originally Added On: August 12th, 2017]
- What does a reconciled town look like? - Toward Reconciliation [Last Updated On: August 12th, 2017] [Originally Added On: August 12th, 2017]
- National women's conference focuses on empowerment - The Philadelphia Tribune [Last Updated On: August 12th, 2017] [Originally Added On: August 12th, 2017]
- Republican leader's 1898 tweet a pathetic overture - Myrtle Beach Sun News [Last Updated On: August 12th, 2017] [Originally Added On: August 12th, 2017]
- More than one way to address San Diego homeless crisis - The San Diego Union-Tribune [Last Updated On: August 12th, 2017] [Originally Added On: August 12th, 2017]
- Personal Empowerment | SkillsYouNeed [Last Updated On: August 12th, 2017] [Originally Added On: August 12th, 2017]
- How to Find Success Where You Least Expect It - Influencive [Last Updated On: August 19th, 2017] [Originally Added On: August 19th, 2017]
- Control Your Emotions, Direct Your Thoughts, Ordain Your Destiny - Seeking Alpha [Last Updated On: August 19th, 2017] [Originally Added On: August 19th, 2017]
- Kellogg column: Launch your unstoppable cycle of success, attain financial freedom - Glenwood Springs Post Independent [Last Updated On: August 19th, 2017] [Originally Added On: August 19th, 2017]
- Entrepreneurs, time to test your business knowledge - USA TODAY [Last Updated On: August 19th, 2017] [Originally Added On: August 19th, 2017]
- The Primary Barrier Stopping You From Everything You Want In Life ... - Inc.com [Last Updated On: August 19th, 2017] [Originally Added On: August 19th, 2017]
- Think and Grow Rich - Wikipedia [Last Updated On: August 19th, 2017] [Originally Added On: August 19th, 2017]
- Back-to-School Corner | Multiple education pathways at secondary level - Jamaica Gleaner [Last Updated On: August 30th, 2017] [Originally Added On: August 30th, 2017]
- The Telegraph | SIUE students learn about community service - Alton Telegraph [Last Updated On: August 30th, 2017] [Originally Added On: August 30th, 2017]
- Baynes: African Americans giving back - Sarasota Herald-Tribune [Last Updated On: August 30th, 2017] [Originally Added On: August 30th, 2017]
- To Inspire Future Space Travelers, Bring Space-Based Research to Schools - Space.com [Last Updated On: August 30th, 2017] [Originally Added On: August 30th, 2017]
- Youth Empowerment: Punjab leads the way - The Nation (blog) [Last Updated On: August 30th, 2017] [Originally Added On: August 30th, 2017]
- Why Zuckerberg won't be president, Uncle Sam's role in Houston's floods & other comments - New York Post [Last Updated On: August 30th, 2017] [Originally Added On: August 30th, 2017]
- Mrs Universe contestants empower Durban pupils - Rising Sun Chatsworth [Last Updated On: August 30th, 2017] [Originally Added On: August 30th, 2017]
- Naqvi-Mohamed: Communities join forces to battle prejudice and fear - Montreal Gazette [Last Updated On: August 30th, 2017] [Originally Added On: August 30th, 2017]
- Home - Pandora Astrology [Last Updated On: August 30th, 2017] [Originally Added On: August 30th, 2017]
- Center for High Impact Philanthropy's new report outlines how to best help women and girls around the world - Generocity [Last Updated On: August 31st, 2017] [Originally Added On: August 31st, 2017]
- Youth Empowerment: Punjab leads the way - Daily Times [Last Updated On: August 31st, 2017] [Originally Added On: August 31st, 2017]
- Community empowerment, not walls, will prevent Zika - The Hill (blog) [Last Updated On: August 31st, 2017] [Originally Added On: August 31st, 2017]
- 'Be not afraid.' Why the words of John Paul II still resonate - Troy Media [Last Updated On: August 31st, 2017] [Originally Added On: August 31st, 2017]
- On Shakti-goddesses, who were fierce and emancipated - The Hindu - The Hindu [Last Updated On: August 31st, 2017] [Originally Added On: August 31st, 2017]
- Does Loyalty in the NBA Still Exist? - The Ringer (blog) [Last Updated On: September 7th, 2017] [Originally Added On: September 7th, 2017]
- Jaspers Attend Lasallian Women's Symposium in New Zealand - The Quadrangle [Last Updated On: September 7th, 2017] [Originally Added On: September 7th, 2017]
- Faith In Recovery 7: How Religious Communities Combat Addiction - World Religion News [Last Updated On: September 7th, 2017] [Originally Added On: September 7th, 2017]
- Why the Cambodian government arrested our father in the middle of the night - Washington Post [Last Updated On: September 7th, 2017] [Originally Added On: September 7th, 2017]
- Beware the cult of 'tech fixing' it's why America is eyeing the ... - The Conversation UK [Last Updated On: September 7th, 2017] [Originally Added On: September 7th, 2017]
- Run The Jewels On Empowerment And Shared Humanity - NPR - NPR [Last Updated On: September 7th, 2017] [Originally Added On: September 7th, 2017]
- 'Home Again' Finds Reese Witherspoon Trying To Resuscitate The Rom-Com - UPROXX [Last Updated On: September 7th, 2017] [Originally Added On: September 7th, 2017]
- A job after prison: Advocates make the case for an under-used workforce - WatertownDailyTimes.com [Last Updated On: September 7th, 2017] [Originally Added On: September 7th, 2017]
- Quotes About Self Empowerment (245 quotes) - Goodreads [Last Updated On: October 6th, 2017] [Originally Added On: October 6th, 2017]
- Charlotte Kasl [Last Updated On: October 23rd, 2017] [Originally Added On: October 23rd, 2017]
- Beth Koehler, CPC | Personal Empowerment Life Coach ... [Last Updated On: November 21st, 2017] [Originally Added On: November 21st, 2017]
- Hope Ranch Personal Empowerment Through Horses [Last Updated On: November 24th, 2017] [Originally Added On: November 24th, 2017]
- destressifying: The Real-World Guide to Personal Empowerment ... [Last Updated On: December 19th, 2017] [Originally Added On: December 19th, 2017]
- IUC Journal of Social Work Theory and Practice [Last Updated On: January 14th, 2018] [Originally Added On: January 14th, 2018]