Digital Fraud in Chile in 2023

The 2024 Omnichannel Fraud State Report by TransUnion reveals that nearly one in seven newly created accounts (13.5%) worldwide is suspected of being created through digital fraud, driven by malicious actors using forged or stolen identities.

Types of transactions in the account creation process:
These include account registration, enrollment, and credit origination. Among the global industries that observed the highest percentage of digital account creation transactions suspected of digital fraud in 2023 were retail (44.7%), travel and leisure (36.0%), and video games (31.5%).

This type of fraud allows cybercriminals to gather more stolen identity information, fueling both their own and third-party fraud schemes. Therefore, the report highlights that knowing the identity of the person you are dealing with should be fundamental to fraud prevention strategies and the customer experience of any organization.

Some highlighted trends in the report:

– Rate of suspicious digital fraud attempts: The rate of suspicious digital fraud attempts in online communities (such as online dating, forums, etc.), where the consumer was located in Chile during the transaction, was the highest among the analyzed industries in 2023, at 3.8%.

– Fraud outpaced digital transaction growth: Across all industries in 2023, 2.2% of all transactions where the consumer was located in Chile were marked as suspicious for digital fraud, a 6% decrease year over year.

– Risk at account login: For transactions where the consumer was located in Chile, the highest percentage of suspected digital fraud in the online customer journey occurred at the account login stage, at 9.7%, varying widely by industry.

The report provides trends and insights for implementing smarter and more effective fraud prevention strategies that build consumer trust, enhancing security in the omnichannel customer experience.

Review the full content here.

Source: Mundo en línea and TransUnion.