H2 2024 Update: State of Omnichannel Fraud Report

Organizations potentially face substantial revenue losses and increased operational costs due to fraud. With significant levels of exposed consumer identities available to criminals, organizations need to shift their threat postures to assume consumer information is compromised. Those that build consumer trust by enhancing their omnichannel experiences with friction-right fraud detection and prevention capabilities stand to win.

In the latest State of Omnichannel Fraud Report, TransUnion provides insight to those responsible for preventing fraud and securing customer experiences to deliver better business outcomes.

Omnichannel fraud trends in the first half of 2024 highlighted in the report include:

• Cost of fraud posed significant financial risk to organizations
  • 6.5% of equivalent revenue, on average, lost due to fraud ­­— representing USD$359 billion of fraud loss in the past year among 801 businesses leaders surveyed in Canada, India, and the US and UK
• Fraud concern remained high for consumers and businesses
  • 49% of adults in 18 countries and regions said they were targeted by email, online, phone call and text messaging scams in Q2 2024
• New account creation posed highest fraud risk
  • 6.5% of all attempted global digital account openings were suspected Digital Fraud; this was the highest risk stage in the customer journey

Complete the form to download the full report