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Online Business Fraud Down, Consumer Fraud Up

Criminals are changing tactics to match changing business conditions in the coronavirus pandemic, according to a new report.

As business begins to shift back to brick and mortar, fraudsters are shifting away from commercial targets to consumers. According to a new report on global online fraud trends, suspected fraudulent business transactions are down 9% from the beginning of the pandemic, while consumer-oriented fraud has increased 10% in roughly the same time.

The report, based on research conducted by TransUnion, found that the increase in consumer fraud was accompanied by an increase in fraud based on COVID-19 topics. The research, based on transactions from more than 40,000 websites and apps, also found that the decrease in business fraud was not evenly distributed.

Travel and leisure organizations saw an increase of 47% in fraud attempts between mid-March and late July, while healthcare saw a decrease of 18% in the same time.

For more, read here.

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