Online fraud peaks as breaches rise

Data breaches played a key role in significant financial losses faced by consumers due to fraud.

In this Help Net Security video, Steve Yin, Global Head of Fraud at TransUnion, and Brad Daughdrill, VP, Data Science, Head of Global Fraud Analytics, TransUnion, discuss their latest fraud report focused on data breaches and their severity and impact on financial business.

Among consumers surveyed in 18 countries and regions, 29% of respondents said they lost money due to online, email, phone or text message fraud in the last year. More than one in 10 U.S. survey respondents indicated they have fallen victim to online, email, phone or text messaging fraud.

The severity of data breaches increased by 34% from one year earlier with the primary U.S. Breach Risk Score (BRS) rising from 4.1 to 5.6 and third party rising from 4.2 to 5.2. Breach Risk Score is measured on a 1–10 scale, where 1 represents the least severe and 10 most.