TransUnion recently released their quarterly fraud analysis report for Q1 2022, and it showed that global fraud decreased globally by 22.6% from Q1 2021. However, while some industries saw strong downward fraud trends, there are still several industries that have experienced a dramatic increase in fraud.
“Sophisticated fraudsters pressure test which industries have ramped up fraud prevention measures and as a result, turn to new industries if efforts are being thwarted. That’s exactly what we have observed recently as fraudsters look for new opportunities or points of vulnerability,” Shai Cohen, senior vice president of global fraud solutions at TransUnion, said in a release about the report. “It is paramount that during this dip companies focus on optimizing the customer experience for good customers.”
Consumers in a February 2022 TransUnion survey reported being targeted less by digital fraud, with 36% saying they had been subject to digital fraud in the last three months compared to 38% in the previous quarter. Phishing scams were most common (31%) among those who had been targeted by digital fraud, followed by money or gift card scams (28%) and third-party seller scams on legitimate online retail websites (23%).
“As fraud rates stabilize during a period when fraudsters are searching for new vulnerabilities, many organizations have shifted their focus to identifying more of the good customers and transactions to increase revenue and customer lifetime value. By reducing false positives, false declines, and manual review rates, organizations can dramatically improve the customer experience through trusted connections while still keeping the fraudsters at bay,” Sean Donnelly, senior vice president and go-to-market global fraud solutions at TransUnion, said in a release.
In the slideshow above, we’ll look at the industries that saw the biggest changes — both good and bad — between Q1 2021 and Q1 2022, according to TransUnion.