Home News Phishing is the Top Digital Fraud Globally: Report

Phishing is the Top Digital Fraud Globally: Report

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A new research from consumer credit reporting agency TransUnion revealed that phishing is the top digital fraud across the globe related to the COVID-19 pandemic. In its research report “Consumer Financial Hardship Studies” TransUnion stated that 27% of consumers reported that they were hit with COVID-19-themed phishing scams. Nearly, 32% of respondents said they had been targeted by digital fraud related to COVID-19.

“From the impacts of phishing and other well documented COVID-19 scams like unemployment fraud, it’s clear that fraudsters have the data and increasing opportunities to create synthetic identities and utilize stolen identities. Identity fraud is a primary way fraudsters leverage stolen consumer data from phishing and other social engineering schemes. It can have long-term impacts for consumers such as the compromise of multiple online accounts and bringing down credit scores, which we anticipate will increase during pandemic reconstruction,” said Shai Cohen, Senior Vice President of Global Fraud & Identity Solutions at TransUnion.

The Top Global Online COVID-19 Scams Targeting Consumers 

Rankings

Percentage Hit by Scheme

Phishing

27%

Third-party seller scams on legitimate online retail websites

21%

Charity and fundraising scam

19%

Unemployment scam

18%

Fraudulent COVID-19 vaccines, cures, tests, and PPE

15%

Fake insurance

15%

Shipping fraud

14%

Identity theft

14%

Stolen credit card or fraudulent charges

13%

Stimulus check scam

12%

Someone changing your personal or account information via a call center

12%

Account taken over

11%

 

Online COVID-19 Scams Targeting Consumers by Country 

Country Top Fraud Type Percent Targeted by All Digital COVID-19 Fraud

Canada

Phishing

30%

Colombia

Third-party seller scams on legitimate online retail websites

25%

Hong Kong

Phishing

37%

South Africa

Unemployment scam

38%

The U.K.

Phishing

30%

The U.S.

Phishing

31%

 

The findings are based on the responses from 7,384 consumers surveyed in Canada, Colombia, Hong Kong, South Africa, the U.K., and the U.S. between June 30 and July 6, 2020.

Bala Kumar, vice president of product management, Global Fraud & Identity Solutions at TransUnion, said, “With successful phishing attacks that have increased during the pandemic, data breaches and social media sharing, consumers should assume their data is on the dark web. Despite these threats, consumers expect that organizations will protect their identities, and enable secure but still convenient digital experiences. TransUnion’s Document Verification solution provides comprehensive consumer-friendly identity verification by triangulating the validity of the document, danger of the device used to capture the document and risk associated with the identity on the document.”

 

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