TransUnion’s latest State of Omnichannel Fraud Report for 2023 has revealed a 78% year-over-year increase in telecommunications fraud in South Africa.Globally, one in seven online accounts created is suspected of being used for fraudulent activities, such as fabricating someone else’s identity.
However, this increase was lower than the global change, which saw a 111% increase to a rate of 4.5%. Industries such as logistics and retail were least affected as they had a suspected digital fraud attempt rate of 0.3% and 1.8%, respectively. The insurance industry saw the most significant improvement in attempted fraud, decreasing by 32% year-over-year. Its suspected rate of digital fraud is 1.8%
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