Security News > 2020 > August > Online fraud against businesses drops, increases against consumers during reopening

Fraudsters are decreasing their schemes against businesses, but increasing COVID-19 focused scams against consumers online, according to TransUnion.

The percent of suspected fraudulent digital transactions against businesses worldwide decreased 9% from the beginning of the pandemic to when businesses began reopening.

"With the rush for businesses to go digital as many were forced to go completely online almost overnight, fraudsters tried to take advantage," said Shai Cohen, senior vice president of Global Fraud Solutions at TransUnion.

In contrast to the recent suspected fraud decrease against businesses, when comparing phase 1 to right before the pandemic, there was a 6% rise in suspected digital fraud against businesses.

When comparing digital transactions pre-pandemic to during the pandemic, suspected fraud against businesses remained relatively flat, increasing 1%. "It appears fraudsters assume travel & leisure companies are scrutinizing transactions less in order to capture more revenue as the pandemic continues to severely negatively impact their business," said Melissa Gaddis, senior director of customer success, Global Fraud Solutions at TransUnion.

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