2024 State of Omnichannel Fraud

Watch our 2024 State of Omnichannel Fraud Report video takeaways focused on: 1) identity takeover fueling fraud risk, 2) digital fraud outpacing digital transaction growth, and 3) account openings posing a high risk across channels. Download the full report for more trends and insights for implementing smarter, more effective fraud prevention strategies that build consumer trust by demonstrating safety in omnichannel customer experiences.

Full transcript below

Capitalizing on continued growth in digital transactions globally following the pandemic, fraud reached new heights in 2023.

Bringing together more relevant trends, benchmarks, and identity and fraud expertise from across our organization is the TransUnion 2024 State of Omnichannel Fraud Report.

Here are key findings based on proprietary insights from TransUnion's global intelligence network.

First, identity takeover fueled fraud risk.

There was a 15% increase in US data breaches from 2022 to 2023 and a significant 157% rise from 2020 to 2023.

The severity of breaches in the US increased 11% from 2022 to 2023.

54% of consumers in 18 select countries and regions reported being targeted with online, email, phone call or text messaging fraud attempts from September to December 2023.

Second, Digital Fraud outpaced transaction growth.

5% of all global digital transactions were suspected Digital Fraud in 2023, with the volume of suspected Digital Fraud increasing 14% from 2022 to 2023.

And from 2019 to 2023, the volume of suspected Digital Fraud grew by 105%, outpacing the 90% increase in digital transactions during that time period.

Third, account creation posed high risk across channels.

13.5% of all global digital account creation transactions in 2023 were suspected to be Digital Fraud.

There was $3.1 billion in lender exposure to suspected synthetic identities for US auto loans, bank credit cards, retail credit cards and unsecured personal loans at the end of 2023.

This was the highest level ever and the percentage of synthetic identities among accounts opened was also the highest ever.

For more insights pertinent to those responsible for preventing fraud and streamlining customer experiences in order to deliver better business outcomes, visit www.transunion.com/fraudreport.