[Press Release] TransUnion: Digital Fraud from Hong Kong Drops During Pandemic

Digital Fraud from Hong Kong Drops During Pandemic — Unlike Rest of the World

 

TransUnion analysis also 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.

SHARE THIS STORY

Share on facebook
Share on twitter
Share on linkedin
Share on email

RELATED POSTS

What Should Employees Do in a Crisis

What Should Employees Do in a Crisis?

At the start of January 2023, a drunk man in an Air India flight’s business class urinated over a 72-year-old woman sitting beside him. The man, Shankar Mishra, was the Vice President of the financial services company Wells Fargo (he was fired following the incident). In itself, the incident is disgusting.

Top 5 AI Companies in the World

Top 5 AI Companies in the World

Technological developments are driven by the human need to make life easier and complete tasks faster and more efficiently. The drastic growth of technology in recent years has paved the way for artificial intelligence (AI) to become an integral part of almost every industry—from education and lifestyle to music and sports. It is everywhere. And by the looks of it, it is here to stay.

3 High Demand Metaverse Jobs in Future That Your Kids Should Look into

3 High Demand Metaverse Jobs in Future That Your Kids Should Look into

It’s no wonder why Jumpstart Media named “metaverse” one of the top emerging trends and technologies to look forward to in 2023. With an expected compound annual growth rate (CAGR) of 39.4% from 2022 to 2030, Grand View Research forecasts that the global metaverse market is set to expand exponentially. From fashion shows, gaming, luxury products, sports and travel to art, many industries are tapping into the metaverse’s potential.

4 Most Anticipated Tech IPOs of 2023

4 Most Anticipated Tech IPOs of 2023

The technology industry has been a driving force in shaping the global economy for decades and the initial public offerings (IPOs) of technology companies are often highly-anticipated events. In 2022, the tech IPO market saw a slowdown compared to the previous year, 2021.

5-Luxury-Items-That-Are-Worth-the-Investment

5 Luxury Items That Are Worth the Investment

The world of luxury items is one of elegance and exclusivity, with their value increasing as time passes. They are unattainable and highly coveted by the masses. Plus, luxury products have a Veblen effect on the market—as their price rises, their demand does, too.

How Do You Know When to Give Up on Your Startup?

How Do You Know When to Give Up on Your Startup?

Starting a new business is never an easy task. You put your heart into it and spend countless hours working on what you believe will make someone happy or solve society’s problems. But sometimes, startups don’t work out as planned—this can be both disheartening and discouraging.