Security Magazine logo
search
cart
facebook twitter linkedin youtube
  • Sign In
  • Create Account
  • Sign Out
  • My Account
Security Magazine logo
  • NEWS
    • Security Newswire
    • Technologies & Solutions
  • MANAGEMENT
    • Leadership Management
    • Enterprise Services
    • Security Education & Training
    • Logical Security
    • Security & Business Resilience
    • Profiles in Excellence
  • PHYSICAL
    • Access Management
    • Fire & Life Safety
    • Identity Management
    • Physical Security
    • Video Surveillance
    • Case Studies (Physical)
  • CYBER
    • Cybersecurity News
    • More
  • BLOG
  • COLUMNS
    • Cyber Tactics
    • Leadership & Management
    • Security Talk
    • Career Intelligence
    • Leader to Leader
    • Cybersecurity Education & Training
  • EXCLUSIVES
    • Annual Guarding Report
    • Most Influential People in Security
    • The Security Benchmark Report
    • The Security Leadership Issue
    • Top Guard and Security Officer Companies
    • Top Cybersecurity Leaders
    • Women in Security
  • SECTORS
    • Arenas / Stadiums / Leagues / Entertainment
    • Banking/Finance/Insurance
    • Construction, Real Estate, Property Management
    • Education: K-12
    • Education: University
    • Government: Federal, State and Local
    • Hospitality & Casinos
    • Hospitals & Medical Centers
    • Infrastructure:Electric,Gas & Water
    • Ports: Sea, Land, & Air
    • Retail/Restaurants/Convenience
    • Transportation/Logistics/Supply Chain/Distribution/ Warehousing
  • EVENTS
    • Industry Events
    • Webinars
    • Solutions by Sector
    • Security 500 Conference
  • MEDIA
    • Videos
      • Cybersecurity & Geopolitical Discussion
      • Ask Me Anything (AMA) Series
    • Podcasts
    • Polls
    • Photo Galleries
  • MORE
    • Call for Entries
    • Classifieds & Job Listings
    • Continuing Education
    • Newsletter
    • Sponsor Insights
    • Store
    • White Papers
  • EMAG
    • eMagazine
    • This Month's Content
    • Advertise
  • SIGN UP!
CybersecuritySecurity NewswireCybersecurity News

Digital Fraudsters Use COVID-19 Scams to Target Younger Generations

coronavirus
May 13, 2020

TransUnion released its quarterly analysis of global online fraud trends, which found that the telecommunications, e-commerce and financial services industries have been increasingly impacted. From a consumer perspective, TransUnion found Millennials have been most targeted by fraudsters using COVID-19 scams.

This quarter TransUnion analyzed fraud trends to reflect the changing economic environment with COVID-19. It used March 11, 2020 – the date the World Health Organization (WHO) declared the coronavirus (COVID-19) a global pandemic – as a base date for its analysis.

Overall, TransUnion found the percent of suspected fraudulent digital transactions rose 5 percent when comparing the periods Jan. 1-March 10 and March 11-April 28. TransUnion identified more than 100 million suspected fraudulent transactions from March 11-April 28.

“Given the billions of people globally that have been forced to stay at home, industries have been disrupted in a way not seen on this massive of a scale for generations,” said Shai Cohen, senior vice president of Global Fraud & Identity Solutions at TransUnion. “Now that many transactions have shifted online, fraudsters have tried to take advantage and companies must adapt. Businesses that come out on top will be those leveraging fraud prevention tools that provide great detection rates and friction-right experiences for consumers.”

 

Examining Fraud Types and Their Impact on Industries

TransUnion analyzed the below industries for a change in the percent of suspected fraud against them, comparing the periods of Jan. 1-March 10 and March 11-April 28.

Suspected Fraud Post-Pandemic Declaration

Industry

Suspected fraud increase

Top type of fraud

Top country for suspected fraud origination

Telecommunications

76%

Credit card

Timor-Leste

E-Commerce

12%

Promotion abuse

Indonesia

Financial Services

11%

Identity theft

Syria

Gambling

-1%

Promotion abuse

Sri Lanka

Public Sector

-1%

Account takeover

Nigeria

Insurance

-3%

Ghost broking

Pakistan

Logistics

-7%

Shipping

Philippines

Communities

-11%

Phishing

Ivory Coast

Travel & Leisure

-38%

Credit card

Haiti

Healthcare

-40%

Identity theft

Finland

Gaming

-43%

Gold farming

Myanmar

 

“Our data shows that as social distancing changes shopping patterns, fraudsters have taken notice and targeted the more digital forward industries while following the money,” said Melissa Gaddis, senior director of customer success, Global Fraud & Identity Solutions at TransUnion. “For instance, although we found online gaming increased 64 percent as people stay home, it isn’t immediately lucrative to target those companies since financial information isn’t generally shared there. However, telecommunications, e-commerce and financial services all have large digital adoption, financial information and payments at the center of their online experience, and fared relatively well transactionally compared to other industries during the pandemic.”  

Globally across industries, TransUnion found the countries with the highest percent of suspected fraudulent transactions were:

  1. Yemen
  2. Syria
  3. Kazakhstan

In the U.S. overall, TransUnion found the cities with the highest percent of suspected fraudulent transactions were:

  1. Springfield, Mass.
  2. Akron, Ohio
  3. Louisville, Ky.

 

Consumers Targeted by COVID-19 Schemes

To better understand the impacts of COVID-19 on consumers, TransUnion surveyed 9,215 adults in the U.S., Canada, Colombia, Hong Kong, India, South Africa and the U.K. during the week of April 13. Nearly three out of 10 respondents (29 percent) said they had been targeted by digital fraud related to COVID-19, with Millennials (those persons between the ages 26-40) being the most targeted at 34 percent.

Furthermore, TransUnion found that consumers who said their household income is being negatively impacted by the COVID-19 pandemic are more likely to experience digital fraud with 32 percent reporting being targeted by online COVID-19 scams, compared to 22 percent of people not financially impacted.

“A common assumption is that fraudsters target older generations who are perceived to be less digitally capable,” said Gaddis. “Our data showed the opposite with younger generations, Millennials and Gen Z (those born in or after 1995), being the most targeted. Adding insult to injury, our survey found Millennials are being financially challenged the most during the pandemic.” 

KEYWORDS: coronavirus cyber security fraud scams

Share This Story

Looking for a reprint of this article?
From high-res PDFs to custom plaques, order your copy today!

Recommended Content

JOIN TODAY
To unlock your recommendations.

Already have an account? Sign In

  • Security's Top Cybersecurity Leaders 2024

    Security's Top Cybersecurity Leaders 2024

    Security magazine's Top Cybersecurity Leaders 2024 award...
    Security Leadership and Management
    By: Security Staff
  • cyber brain

    The intersection of cybersecurity and artificial intelligence

    Artificial intelligence (AI) is a valuable cybersecurity...
    Columns
    By: Pam Nigro
  • artificial intelligence AI graphic

    Assessing the pros and cons of AI for cybersecurity

    Artificial intelligence (AI) has significant implications...
    Cybersecurity
    By: Charles Denyer
Subscribe For Free!
  • Security eNewsletter & Other eNews Alerts
  • eMagazine Subscriptions
  • Manage My Preferences
  • Online Registration
  • Mobile App
  • Subscription Customer Service

More Videos

Sponsored Content

Sponsored Content is a special paid section where industry companies provide high quality, objective, non-commercial content around topics of interest to the Security audience. All Sponsored Content is supplied by the advertising company and any opinions expressed in this article are those of the author and not necessarily reflect the views of Security or its parent company, BNP Media. Interested in participating in our Sponsored Content section? Contact your local rep!

close
  • Crisis Response Team
    Sponsored byEverbridge

    Automate or Fall Behind – Crisis Response at the Speed of Risk

  • Perimeter security
    Sponsored byAMAROK

    Why Property Security is the New Competitive Advantage

  • Duty of Care
    Sponsored byAMAROK

    Integrating Technology and Physical Security to Advance Duty of Care

Popular Stories

Pills spilled

More than 20,000 sensitive medical records exposed

Laptop in darkness

Verizon 2025 Data Breach Investigations Report shows rise in cyberattacks

Coding on screen

Research reveals mass scanning and exploitation campaigns

White post office truck

Department of Labor Sues USPS Over Texas Whistleblower Termination

Computer with binary code hovering nearby

Cyberattacks Targeting US Increased by 136%

2025 Security Benchmark banner

Events

May 22, 2025

Proactive Crisis Communication

Crisis doesn't wait for the right time - it strikes when least expected. Is your team prepared to communicate clearly and effectively when it matters most?

September 29, 2025

Global Security Exchange (GSX)

 

View All Submit An Event

Products

Security Culture: A How-to Guide for Improving Security Culture and Dealing with People Risk in Your Organisation

Security Culture: A How-to Guide for Improving Security Culture and Dealing with People Risk in Your Organisation

See More Products

Related Articles

  • identity theft, fraud prevention, cybersecurity, data theft

    The top digital COVID-19 scams

    See More
  • coronavirus

    DoJ and IRS Warn Taxpayers of Potential Scams in Relation to COVID-19 Economic Impact Payments

    See More
  • Who’s The Boss? Reporting to the Chief Administrative Officer

    Scams and Phishing Attacks Grow as People Operate Online due to COVID-19

    See More

Events

View AllSubmit An Event
  • March 6, 2025

    Why Mobile Device Response is Key to Managing Data Risk

    ON DEMAND: Most organizations and their associating operations have the response and investigation of computers, cloud resources, and other endpoint technologies under lock and key. 
  • September 3, 2024

    From DDoS Protection to WAAP: How Layered Protection Enhances Your Cybersecurity Strategy

    ON DEMAND: By participating in the webinar, attendees will gain enhanced knowledge of cyber threats and understand the current spectrum of cyber threats facing businesses.
View AllSubmit An Event
×

Sign-up to receive top management & result-driven techniques in the industry.

Join over 20,000+ industry leaders who receive our premium content.

SIGN UP TODAY!
  • RESOURCES
    • Advertise
    • Contact Us
    • Store
    • Want More
  • SIGN UP TODAY
    • Create Account
    • eMagazine
    • eNewsletter
    • Customer Service
    • Manage Preferences
  • SERVICES
    • Marketing Services
    • Reprints
    • Market Research
    • List Rental
    • Survey/Respondent Access
  • STAY CONNECTED
    • LinkedIn
    • Facebook
    • YouTube
    • X (Twitter)
  • PRIVACY
    • PRIVACY POLICY
    • TERMS & CONDITIONS
    • DO NOT SELL MY PERSONAL INFORMATION
    • PRIVACY REQUEST
    • ACCESSIBILITY

Copyright ©2025. All Rights Reserved BNP Media.

Design, CMS, Hosting & Web Development :: ePublishing