Phishing is the top digital fraud scheme worldwide related to the COVID-19 pandemic, TransUnion reveals.
Among consumers reporting being targeted with digital COVID-19 schemes globally, 27% said they were hit with pandemic-themed phishing scams.
“From the impacts of phishing and other well documented COVID-19 scams like unemployment fraud, it’s clear that fraudsters have the data and increasing opportunities to create synthetic identities and utilize stolen identities,” said Shai Cohen, senior vice president of Global Fraud & Identity Solutions at TransUnion.
“Identity fraud is a primary way fraudsters leverage stolen consumer data from phishing and other social engineering schemes. It can have long-term impacts for consumers such as the compromise of multiple online accounts and bringing down credit scores, which we anticipate will increase during pandemic reconstruction.”
To better understand the impacts of COVID-19 on consumers, 7,384 adults in Canada, Colombia, Hong Kong, South Africa, the U.K., and the U.S. have been surveyed between June 30 and July 6, 2020.
It asked the consumers if they had been targeted by digital COVID-19 fraud and if so, which digital fraud scheme(s) related to COVID-19 were they targeted with. Globally, 32% said they had been targeted by digital fraud related to COVID-19 with the below being the top types of COVID-19 fraud they faced:
Top global online COVID-19 scams targeting consumers
Online COVID-19 scams targeting consumers by country
“Although the schemes may vary by country, a new approach to identity verification that supplements traditional authentication methods is needed to defend against their impact,” said Cohen. “The key is creating a friction-right experience where consumers are confident they are dealing with a legitimate organization or business.”