The credit reporting agency TransUnion recently released a report that shows a significant increase in fraud attempts in the United States. According to the report, there has been a 40 percent increase in fraud attempts from 2018 to 2019. This is a concerning trend that could have serious implications for consumers and businesses alike.
The report shows that the majority of fraud attempts are related to identity theft. This type of fraud occurs when someone uses another person’s personal information, such as their name, Social Security number, or credit card information, to make purchases or open accounts in their name. Identity theft can have a devastating impact on victims, as it can lead to financial losses and damage to their credit score.
In addition to identity theft, the report also found that there has been an increase in account takeover fraud. This type of fraud occurs when someone gains access to an existing account, such as a bank account or credit card, and uses it to make unauthorized purchases or transfers. This type of fraud can be particularly damaging, as it can lead to large financial losses for the victim.
The report also found that the majority of fraud attempts are coming from outside the United States. This is concerning, as it shows that criminals are increasingly targeting American consumers and businesses.
Fortunately, there are steps that consumers and businesses can take to protect themselves from fraud. Consumers should monitor their credit reports regularly and be sure to report any suspicious activity to the appropriate authorities. Businesses should also take steps to protect their customers’ data, such as implementing strong security measures and using two-factor authentication.
The increase in fraud attempts is concerning, but it is important to remember that there are steps that can be taken to protect yourself and your business. By taking the necessary precautions and staying vigilant, you can help protect yourself from becoming a victim of fraud.
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