TransUnion, a global information and insights company on 20th October, 2020 in a new research observed that the digital fraud attempts in India against companies have decreased after companies reopened their physical locations. The research and its conclusions were based on their intelligence from billions of transactions and more than 40,000 websites and apps contained in its flagship fraud prevention solutions.
“With the rush for businesses to go digital as many were forced to go completely online almost overnight, fraudsters tried to take advantage,” explains Shaleen Srivastava, Executive Vice President and Head of Fraud, Solutions and Alternate Data at TransUnion in India.
According to the research, the TransUnion found that suspected online fraud from India against business witnessed substantial increases by 121 per cent right before the pandemic from 1st January to 10th March, 2020 to the beginning of the pandemic from 11th March to 18th May, 2020. “With the rush for businesses to go digital as many were forced to go completely online almost overnight, fraudsters tried to take advantage,” explains Shaleen Srivastava, Executive Vice President and Head of Fraud, Solutions and Alternate Data at TransUnion in India.
On a positive note, the study reveals that once the businesses in India started reopening from 19th May to 25th July, there was a decline in suspected digital fraud attempts from India by 29 per cent. When it comes to a global scenario, a similar trend was observed.
TransUnion found the per cent of suspected fraudulent digital transactions against businesses worldwide decreased 9 per cent from the beginning of the pandemic (11th March – 18th May) to when businesses began reopening (19th May 19- 25th July).