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Share Name | Share Symbol | Market | Type |
---|---|---|---|
TransUnion | NYSE:TRU | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
2.65 | 3.16% | 86.46 | 87.36 | 84.605 | 84.91 | 2,781,152 | 01:00:00 |
Among all industries, the suspected digital fraud rate in Canada stood at 4.5%, up from 3.2% one year ago. This compares to the global rate of 5.3%, up from 4.5% year over year. 2
“There are a number of important considerations to take into account when attempting to measure the impact of digital fraud on any one particular industry,” said Patrick Boudreau, head of identity management and fraud solutions at TransUnion Canada. “Certain factors must be considered, such as the overall size and rate of growth of different industries. Not only to contextualize fraud related data, but also to anticipate where fraudsters may continue to focus their efforts going forward.”
Insurance Saw the Greatest YoY Growth in Digital Transactions in CanadaWhile Retail had the Highest Suspected Digital Fraud Rate
Industry | CANADA | GLOBAL | |||
Suspected Digital Fraud Attempt Rate Coming from CanadaH1 2023 | Change in Number of Digital Transactions Coming from CanadaH1 2022 to H1 2023 | Suspected Digital Fraud Attempt Rate ChangeH1 2022 to H1 2023 | Suspected Digital Fraud Attempt RateH1 2023 | Change in Number of TransactionsH1 2022 to H1 2023 | |
Retail | 8.2% | 13.8% | -8.8% | 10.6% | 12.9% |
Telecommunications | 5.3% | -48.0% | 399.6% | 5.3% | -44.0% |
Communities (online dating, forums, etc.) | 3.8% | -7.0% | 74.9% | 4.1% | -9.3% |
Video gaming | 3.5% | -17.7% | 3.2% | 7.0% | -8.5% |
Gaming (online sports betting, poker, etc.) | 3.1% | -30.0% | -12.5% | 4.7% | 85.3% |
Financial Services | 2.6% | -68.7% | 72.6% | 4.3% | 0.9% |
Insurance | 2.3% | 143.0% | 89.7% | 1.6% | 18.3% |
Travel & Leisure | 0.6% | 18.1% | 3.6% | 2.3% | 16.8% |
Logistics | 0.4% | -16.9% | -37.5% | 0.9% | -19.4% |
Source: TransUnion® TruValidate data
This new TransUnion analysis comes on the heels of its recent Q3 Canada Consumer Pulse Study, which explored, among other things, consumer awareness of being targeted by any online, email, phone call or text messaging fraud attempt in the last three months. The TransUnion Consumer Pulse survey of 1,000 respondents was conducted between July 10-20, 2023. 1
The survey found that 43% of Canadians indicated that they had been targeted by fraud but did not become a victim of it, and 6% had been targeted and fell victim. Among those targeted, the most frequent fraud schemes by which they reported being attacked were:
Types of Fraud Canadians Said They Were Targeted With
Type of Attempted Fraudulent Activity | Percentage Among ThoseWho Said Targeted |
Phishing | 47% |
Vishing | 43% |
Smishing | 41% |
Money/gift card scam | 21% |
Third-party seller scam on legitimate online retail websites | 18% |
Stolen credit card or fraudulent charges | 14% |
Identity theft (personal information like name, address, phone number or social security number stolen in a company’s data breach) | 12% |
Money mule scam (solicited transfer or move illegally acquired money on behalf of someone else) | 12% |
Account taken over (online account used without permission) | 10% |
Unemployment fraud | 4% |
Source: TransUnion® Q3 Canada Consumer Pulse Survey
“Given the prevalence of fraudulent scams targeting Canadians, and the reality that fraudsters are ever more sophisticated and are constantly evolving to attempt to overcome digital security measures, it’s critical that Canadians take steps to protect themselves,” said Boudreau. “From safeguarding sensitive information, to protecting physical wallets and cards, and leveraging credit report monitoring, there are a number of easy steps consumers can undertake day to day.”
TransUnion Canada Points to Key Tips for Canadians to Help Mitigate the Risk of Falling Victim to Fraudulent Scams.
TransUnion came to its digital fraud findings based on intelligence from its identity and fraud product suite, TransUnion TruValidate, which helps secure trust across channels and delivers efficient consumer experiences. The rate or percentage of suspected digital fraud attempts reflect interactions in which customer transactions were either denied in real time due to fraudulent indicators or were determined to be fraudulent after a manual review process—as compared to all transactions it assessed for fraud.
Download the Omnichannel Fraud in H1 2023 Infographic for more findings. Consumers who believe they may be a victim of fraud can find resources and information here.
1 TransUnion® Q3 Canada Consumer Pulse Survey
2TransUnion® TruValidate data
About TransUnion® (NYSE: TRU) TransUnion is a global information and insights company that makes trust possible in the modern economy. We do this by providing an actionable picture of each person, stewarded with care, so they can be reliably represented in the marketplace. As a result, businesses and consumers can transact with confidence and achieve great things. We call this Information for Good®.
TransUnion® provides solutions that help create economic opportunity, great experiences and personal empowerment for hundreds of millions of people in more than 30 countries. Our customers in Canada comprise some of the nation’s largest banks and card issuers, and TransUnion® is a major credit reporting, fraud, and analytics solutions provider across the finance, retail, telecommunications, utilities, government, and insurance sectors.
For more information visit: www.transunion.ca
Contact | Alex Wilcox |
Email: | alex.wilcox@ketchum.com |
Phone: | 705-878-16815 |
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