Organizations potentially face substantial revenue losses and increased operational costs due to fraud. With significant levels of exposed consumer identities available to criminals, organizations need to shift their threat postures to assume consumer information is compromised. Those that build consumer trust by enhancing their omnichannel experiences with friction-right fraud detection and prevention capabilities stand to win.

In the latest State of Omnichannel Fraud Report, TransUnion® provides insight to those responsible for preventing fraud and securing customer experiences to deliver better business outcomes.

Omnichannel fraud trends in the first half of 2024 highlighted in the report include:

• Cost of fraud posed significant financial risk to organizations
  • 5% of equivalent revenue, on average, lost due to fraud ­­— representing USD 359 billion of fraud loss in the past year among 801 business leaders surveyed in Canada, India, the US and UK
  • 75% of business leaders indicated fraud increased or stayed the same in the past year
• Fraud concern remained high for consumers and businesses
  • 5.2% of all attempted global digital transactions were suspected Digital Fraud in H1 2024
  • 49% of adults in 18 countries and regions said they were targeted by email, online, phone call and text messaging scams in Q2 2024