John San Filippo
CUbroadcast on Finopotamus
TransUnion Fraud Report Shows Activity Migrating to Travel, Leisure, and Gaming
TransUnion Global Fraud Solutions Senior Director of Customer Success Melissa Gaddis joined us on the show to share the latest findings from TransUnion’s most recent quarterly fraud analysis. This report shows fraudulent activity migrating to travel, leisure, and gaming -- and financial services is still in the mix, as well. The report also reveals that the overall rate of suspected digital fraud attempts has risen 16.5% globally. Melissa explains what's happening here with the continued increase and migration to other markets. In the U.S., fraud rose 261.9% for gaming and 136.6% for travel and leisure. When comparing Q2 2021 and Q2 2020, Melissa says the rate of suspected online financial services fraud attempts has risen at a rate of 18.8% globally and 38.3% in the U.S. According to the report, one in three consumers stated that they have been targeted by a digital fraud scheme related to COVID-19 during the second quarter of 2021. We also talked about how phishing is still the No. 1 type of COVID-19 related digital fraud impacting global consumers in Q2 2021. Among global consumers who say they were targeted with COVID-19-related digital fraud, 33% state they have been targeted by or fallen victim to such fraud. Melissa adds that stolen credit card or fraudulent charges were the second most cited type of COVID-19 related online fraud among those targeted, affecting global consumers at 24%. Sobering numbers here, indeed -- which means credit unions have to continue upping their cybersecurity defenses to keep the fraudsters at bay. Check out our conversation with Melissa and let us know your thoughts. And be sure to watch the entire episode here for all the details.