Fraud Impact Grows in Business World
U.S. company losses mounted last year, outpacing global impact.
The highest percentage of U.S. fraud scheme instances came in account takeovers at 31%.
Pexels/RDNE Stock Project
U.S. businesses are taking a 10% hit to their revenue due to fraud losses, recent research shows.
The average impact in the past year, which surpassed global company losses of 8%, totaled $114 billion, based on a survey of 200 U.S. businesses, TransUnion reported.
The highest percentage of fraud scheme instances here came in account takeovers at 31%, according to the consumer credit reporting agency. That was followed by synthetic identity fraud events at 24% and scams/authorized frauds at 23%. Other categories included first-party application fraud at 13% and third-party application fraud at 10%.
Business fraud losses rose 46% year-over-year in the U.S. as fraudsters’ racheted up their tactics, according to the survey, which in turn points up the need for owners to employ a more focused and advanced defense. More such criminals are finding new ways stealing credentials and bypassing authentication systems, TransUnion said.
“Fraudsters are exploiting every digital touchpoint, from account creation to login and transaction,” said TransUnion’s head of fraud, Steve Yin. “The growing sophistication of fraudsters demands a proactive investment in layered security and identity intelligence. In today’s threat landscape, protecting customer accounts is not just a priority—it’s a business imperative."
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