Sunday, February 25

Digital Fraud Recorded Data

By: Samuel Daniel

Digital fraud suspected in Namibia has increased in the second quarter of the year 2022 with 36%, compared to the last one of 2021 in contrast to a 14% decline.

Information provided by Trans Unions shows that the rate of suspect digital fraud attempts from Namibia decreased across several sectors.  It has also shown an increase in the gambling sectors and services.

Data recorded by Trans Union shows that data on fraud against business is based on intelligence from billions of transactions and more than 40,000 websites and applications, contained in its flagship identity proofing, risk-based authentication, fraud analytics solution suite.

Financial services is one of the local insurance industry that recorded the biggest increase in the rate of suspected digital fraud,with a huge increase of 229%. Gambling is also one of the industry from Namibia that recorded a increase of 179%.

Globally in the quarter under review, logistic sector increased by 13%, while insurance industry recorded 159% of suspected digital attempt rate.

“In recent years, we’ve seen fraudsters shift their industry focus each quarter. At this time, we believe the insurance industry is seeing more ‘soft fraud’ because some consumers may be representing their policies incorrectly in an effort to save money, especially in a high inflation environment that places more pressure on their wallets,” lamented Shai Cohen, senior Vice President of Global Fraud Solutions at TransUnion.

Namibia has recorded a decline in travel and leisure with – 39%, retail sector – 9% and the society which involves online dating sites recorded – 9%.

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