TransUnion analysis finds recent online fraud originating in Hong Kong most focused on telecommunications and financial services companies, and consumers in Hong Kong most targeted by digital COVID-19 scams are Millennials
TransUnion (NYSE: TRU) has released its quarterly analysis of online fraud trends in Hong Kong. It found the percentage of suspected fraudulent digital transactions originating in Hong Kong fell recently despite a rise globally and that the age group most targeted by online COVID-19 scams in Hong Kong are millennials.
This quarter TransUnion analyzed fraud trends against businesses to reflect the changing economic environment with COVID-19. It used March 11, 2020 – the date the World Health Organization (WHO) declared the coronavirus (COVID-19) a global pandemic – as a base date for its analysis. TransUnion determined that there was a 10% drop in the percent of suspected fraudulent transactions originating in Hong Kong when comparing the periods of Jan. 1-March 10 and March 11-April 28. Globally, TransUnion found the percent of suspected fraudulent digital transactions rose 5% when comparing the same periods.
“Given the billions of people globally that have been forced to stay at home, industries have been disrupted in a way not seen on this massive of a scale for generations,” said Shai Cohen, senior vice president of Global Fraud & Identity Solutions at TransUnion. “Now that many transactions have shifted online, fraudsters have tried to take advantage and companies must adapt. Businesses that come out on top will be those leveraging fraud prevention tools that provide great detection rates and friction-right experiences for consumers.”
Examining Fraud Types and Their Impact on Industries
TransUnion analyzed industries being targeted to determine the percentage change in suspected fraud against them, comparing the periods of Jan. 1-March 10 with March 11-April 28. The analysis found Hong Kong digital fraudsters targeted telecommunications and financial services companies the most – very similar to the global findings.
“While suspected online fraud from Hong Kong decreased overall, the industries where we saw increases were significantly higher than in those sectors globally – showing us that fraudsters in Hong Kong were much more laser focused on targeting specific businesses,” said Marie Claire Lim Moore, CEO of TransUnion Hong Kong. “On a global level, our data shows that fraudsters are targeting the more digital forward industries with more financial transactions that are faring relatively well business-wise during the pandemic.”
Source: TransUnion HK news