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In the year since the pandemic began, fraudulent digital transaction attempts against businesses increased 46% worldwide – and 22% in the U.S. specifically – compared to the previous 12 months, according to TransUnion's latest quarterly analysis of global online fraud trends.
And during the time periods studied by TransUnion (March 11, 2019 to March 10, 2020 versus March 11, 2020 to March 10, 2021), the financial services industry saw the second-highest increase in suspected digital fraud attempts out of nine industries analyzed – 57.49% – just behind the telecommunications industry, which saw a 57.52% increase. Identity theft was the top type of fraud attacking the financial services industry, the company said.
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Natasha Chilingerian
Natasha Chilingerian has been immersed in the credit union industry for over a decade. She first joined CU Times in 2011 as a freelance writer, and following a two-year hiatus from 2013-2015, during which time she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union), she re-joined the CU Times team full-time as managing editor. She was promoted to executive editor in 2019. In the earlier days of her career, Chilingerian focused on news and lifestyle journalism, serving as a writer and editor for numerous regional publications in Oregon, Louisiana, South Carolina and the San Francisco Bay Area. In addition, she holds experience in marketing copywriting for companies in the finance and technology space. At CU Times, she covers People and Community news, cybersecurity, fintech partnerships, marketing, workplace culture, leadership, DEI, branch strategies, digital banking and more. She currently works remotely and splits her time between Southern California and Portland, Ore.
