Retail Times
NFU Mutual
ADVERTISEMENT
  • HOME
  • RETAIL CATEGORIES
  • PRODUCTS
  • TECH
  • DATA
    • Reports
    • Research
  • RETAILER
    • Manufacturer
    • Wholesaler
  • PEOPLE
  • SUSTAINABILITY
    • Fairtrade
    • Packaging
  • SERVICES
    • Events
    • Awards
    • Logistics
  • COMMENT
    • In My Opinion
    • Featured Article
    • Why It Works
  • ABOUT
    • CONTACT
    • ADVERTISING
    • RETAIL TIMES NEWSLETTER
No Result
View All Result
Retail Times
No Result
View All Result
  • HOME
  • RETAIL CATEGORIES
  • PRODUCTS
  • TECH
  • DATA
    • Reports
    • Research
  • RETAILER
    • Manufacturer
    • Wholesaler
  • PEOPLE
  • SUSTAINABILITY
    • Fairtrade
    • Packaging
  • SERVICES
    • Events
    • Awards
    • Logistics
  • COMMENT
    • In My Opinion
    • Featured Article
    • Why It Works
  • ABOUT
    • CONTACT
    • ADVERTISING
    • RETAIL TIMES NEWSLETTER
Retail Times
No Result
View All Result

Retail industry sees rise in suspected digital fraud attempts in the UK, data shows

by Fiona Briggs
November 1, 2023
in Data
Reading Time: 3 mins read

The retail industry has seen a bigger rise in suspected digital fraud attempts coming from the UK than any other industry in the first half of 2023, based on the recent insights from global information and insights company, TransUnion.

New data shows that the rate of suspected digital fraud – when a consumer or a fraudster is in the UK during a transaction – in the first half of 2023 is up 16% in the retail sector in comparison to the second half of 2022. At the same time, gambling remains the industry with the largest volumes of digital fraud and an increase of 6% when compared to the second half of 2022.

“The rise in the rate of suspected digital fraud attempts in the retail sector is a worrying trend,” said Chad Reimers, general manager of fraud and ID at TransUnion in the UK. “This is likely due to a number of long-term factors, including the popularity of online shopping and the growing sophistication of fraudsters. Meanwhile, charge-back fraud – where customers dispute genuine, successfully delivered online purchases with their bank or credit card provider – remains a significant challenge, particularly in light of the growing cost of living.”

TransUnion’s recent survey shows that two fifths (40%) of UK adults said they had been targeted by online, email, phone call or text messaging fraud in the period between April and July 2023. Many of the fraud attempts reported by those consumers could potentially end up being a step towards retail fraud – whether that’s third-party seller scams, stolen credit cards or account takeovers.

Consumers who said they were targeted by fraud were most likely to experience phishing (46%), vishing (36%) or smishing (34%) attempts. These are all types of fraudulent activity where criminals try to trick people into giving them their personal information via email, phone calls or texts respectively. Vishing – or phishing via phone calls – in particular has seen a rise from 25% in the TransUnion 2023 State of Omnichannel Fraud Report relative to other tactics.

Chad Reimers continues: “With 78% of consumers globally ranking the security of their personal data as ‘very important’ when choosing who to transact with online,iv businesses need to be proactive in their approach to fraud prevention. Fraud can be a real ‘moment of truth’ for the trust between a customer and business, so the right fraud mitigation can become a key pillar of a customer proposition. This includes applying a layered approach with the latest technology and information to provide strong authentication measures and monitor for suspicious activity.

“At TransUnion, we help businesses stay ahead of the curve to protect their customers and their bottom line by offering fraud analytics and cutting-edge device and behavioural insights, as well as the latest technology advancements in document verification, to help stop fraud in real time, while limiting the friction in the user experience for genuine customers.”

TransUnion monitors digital fraud attempts reported by businesses in varied industries such as gambling, gaming, financial services, healthcare, insurance, retail, and travel and leisure, among others. TransUnion came to its digital fraud findings based on intelligence from its identity and fraud product suite – TruValidate.

Share This Article

Similar News Articles:

  1. Online retail revenues remain resilient despite cost-of-living, while Mother’s Day sees shoppers opt for lower priced gifts, Wunderkind’s data shows Online retail revenues rose significantly year-on-year in March, despite cost-of-living pressures continuing to squeeze household budgets, the latest data from Wunderkind,...
  2. Cost-of-living caution sees 59% of shoppers visit retailers’ websites up to five times before making a purchase, MoEngage data shows Cost-of-living consumer caution is making shoppers more considered, lengthening buying journeys and increasing the number of digital touchpoints within their...
Tags: digital fraud attempts
Tweet1Share1ShareSend
ADVERTISEMENT

🗞️ TRENDING AND POPULAR

  • Price of a healthy packed lunch for children has gone up in four out of five major supermarkets since August, data shows

    21 shares
    Share 8 Tweet 5
  • MRI Software: footfall on high streets increased by +11.5% compared to the year previous, the most significant annual rise since July

    2 shares
    Share 178 Tweet 111
  • Plans for new EV super hub off the A34 given go-ahead

    3 shares
    Share 178 Tweet 111
  • Aldi unveils limited-edition ‘Supernova Champagne’ for Oasis return

    9 shares
    Share 4 Tweet 2
  • Tesco nightclub: tickets LIVE & headliners announced

    14 shares
    Share 6 Tweet 4
  • McVitie’s launches limited edition Pink Digestives Raspberry & Cream flavour

    7 shares
    Share 3 Tweet 2

FEATURED ARTICLES

Top new product: Brother refreshes compact labelling lineup with new linerless capabilities

Top new product: Brother refreshes compact labelling lineup with new linerless capabilities

February 21, 2025
SOLUM

Innovation in retail: creating memorable shopping experiences with interactive digital screens

February 19, 2025
uk Retail

UK retail in flux: adapting to economic pressures, tech shifts and rising crime

May 12, 2025
Solum esl Solum esl Solum esl
ADVERTISEMENT

NFU Mutual NFU Mutual NFU Mutual
ADVERTISEMENT

Sign up to our Newsletter!

top retail news website

  • HOME
  • News Categories
  • Contact us
  • Advertising
  • Editorial
  • Newsletter
  • Copyright
  • Privacy & Cookie Policy

No Result
View All Result
  • HOME
  • Featured Articles
  • UK Retail Categories
  • About us
  • Advertising
  • Contact
  • Privacy policy