As technology continues to evolve, so too do the methods used by criminals to commit fraud. According to a recent report from TransUnion, the credit reporting agency, fraudulent activity has increased significantly in recent years. The report found that fraud attempts increased by 11% in 2019 compared to 2018, and that the total amount of money lost to fraud rose by 17%.
The report also revealed that identity theft was the most common type of fraud, accounting for nearly half of all fraud attempts. This type of fraud involves criminals using stolen personal information to open new accounts or make purchases in someone else’s name. Credit card fraud was the second most common type of fraud, accounting for nearly a quarter of all attempts. This type of fraud occurs when criminals use stolen credit card information to make unauthorized purchases.
The report also highlighted the fact that fraudsters are increasingly targeting small businesses. Small businesses are particularly vulnerable to fraud because they often lack the resources and security measures needed to protect themselves. In addition, small businesses tend to have less sophisticated systems for detecting and preventing fraud.
Fortunately, there are steps that both individuals and businesses can take to protect themselves from fraud. For individuals, it is important to regularly monitor your credit report and be aware of any suspicious activity. It is also important to use strong passwords and keep them secure. For businesses, it is important to implement strong security measures such as two-factor authentication and data encryption. It is also important to regularly monitor customer accounts for any suspicious activity.
Overall, the TransUnion report highlights the need for individuals and businesses to remain vigilant in order to protect themselves from fraud. By taking the necessary steps to protect themselves, individuals and businesses can help reduce their risk of becoming victims of fraud.
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