Businesses across the globe have witnessed a 9% drop in online fraud from the beginning of pandemic (March to May) to the opening of businesses post lockdown (May – July). According to the latest report from TransUnion, fraudsters are targeting fewer businesses and more individuals with COVID-19 focused online scams.
As businesses rushed to the online model owing to the pandemic, fraudsters tried to take advantage and targeted several companies.
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Kazakhstan, Greece, and Cyprus are the top three countries with the highest percentage of suspected fraudulent transactions globally. The report found that telecommunications, e-commerce, and financial services companies were targeted with the most digital fraud early in the pandemic but are now among the least targeted.