While most lenders thought they had gotten ahead of fraud during the pandemic, the TransUnion 2023 State of Omnichannel Fraud Report found that digital fraud continues to rise globally. In Canada, digital fraud attempts spiked 189% compared to pre-pandemic levels. The report also found that 3% of all consumer transactions originating from Canada in 2022 were suspected to be fraudulent, compared to 2% in 2019. And, the number of transactions conducted digitally has risen by 103% meaning that the total volume of suspected digital fraud attempts has increased dramatically.
How can lenders work to overcome increasingly sophisticated fraud attempts? Current solutions can automate this process, but deployment is not without its problems. What’s needed is a new approach to improve the speed and accuracy of fraud decisions without producing large volumes of false positives. Join this discussion, to gain insight into how real-time data can help improve fraud prevention and identity verification, power faster, more accurate risk decisions, and ensure superior onboarding experiences.