TransUnion Report: 2024 State of Omnichannel Fraud
Trends and insights for enabling trusted commerce
Global digital transaction growth following the pandemic pushed fraud to new heights in 2023. Identity-based fraud is accelerating as cybercriminals harvest more stolen identity information from organizations and individuals, driving first- and third-party fraud schemes. Knowing the identity of the person you’re dealing with should be central to every organization’s fraud prevention and customer experience strategies.
Our 2024 State of Omnichannel Fraud Report provides trends and insights for implementing smarter, more effective fraud prevention strategies that build consumer trust by demonstrating safety in omnichannel customer experiences.
Omnichannel fraud trends highlighted in the report include:
Identity takeover fueled fraud risk
- 15% increase in US data breaches and breach severity 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 Sept. to Dec. 2023
Digital Fraud outpaced digital transaction growth
- 5% of all global digital transactions were suspected Digital Fraud in 2023, with the volume of Digital Fraud increasing 14% over 2022
- 105% growth in the volume of suspected Digital Fraud from 2019 to 2023, outpacing the 90% increase in digital transactions overall
Account openings posed high risk across channels
- 13.5% of all global digital account openings were suspected Digital Fraud
- $3.1 billion in lender exposure to suspected synthetic identities for US auto loans, credit cards, retail credit cards and personal loans originated at the end of 2023