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Digital fraud attempts from India decreased significantly as companies reopened their physical locations post easing of lockdown, according to a report by information and insights firm TransUnion. But it also warns of a suspected rise in fraudulent transactions in logistics and financial services businesses.


TransUnion’s findings revealed a 29% decrease in suspected digital fraud attempts from India against businesses as businesses began reopening in the phase-II from May 19 to July 25 when compared to phase 1 (11th March-18th May).

Specifically, TransUnion found that suspected online fraud from India against businesses increased 121% from right before the pandemic ( January-10th March) to the beginning of the pandemic (Phase-I from March 11 to May 18). Globally, TransUnion found the percent of suspected fraudulent digital transactions against businesses worldwide decreased 9% from the beginning of the pandemic (11th March – 18th May) to when businesses began reopening (19th May 19- 25th July).

Transunion came to its conclusions about fraud against businesses globally based on intelligence from billions of transactions and more than 40,000 websites and apps contained in its fraud prevention solution

“With the rush for businesses to go digital as many were forced to go completely online almost overnight, fraudsters tried to take advantage,” said Shaleen Srivastava, EVP and Head of Fraud, Solutions and Alternate Data at TransUnion in India. “They were most likely unsuccessful in their attempts and took their scams elsewhere as those businesses ramped up their digital fraud prevention solutions while providing a friction-right consumer experience.
 
An analysis across various businesses suggests that financial services and logistics companies have witnessed the highest percentage increase in suspected fraudulent digital transactions coming from India recently. "Astute monitoring and vigilance is vital to contain and control losses due to fraudulent transactions,” said Srivastava. "Now that many transactions have shifted online, fraudsters have tried to take advantage and companies must adapt."

 

 

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