• In 2025, 7.1% of attempted transactions involving consumers in India were suspected to be digital fraud, almost double the global rate
• While account creation remains the highest risk stage in the digital consumer lifecycle globally, digital fraud risk in India is most elevated during account login
• Among sectors analysed, logistics recorded the highest suspected digital fraud rate in India

Mumbai, India, June 16, 2026 — Fraud in India continues to evolve in both scale and sophistication, even as detection improves. A new TransUnion (NYSE: TRU) analysis found that 7.1% of transactions involving consumers in India in 2025 were suspected digital fraud attempts, almost double the global rate of 3.8%.

These findings are from the TransUnion H1 2026 Top Fraud Trends Report, which highlights a shift toward identity-driven fraud and increasingly sophisticated attack methods.

“Fraudsters are weaponizing both consumer trust and emerging technologies,” said Natarajan Ramani, head of TransUnion India Data Analytics Solutions (INDAS). “As the scale and sophistication of fraudulent operations continue to grow, the threat landscape is evolving faster than ever. Addressing this requires a new generation of identity centric defences that combine advanced analytics, adaptive authentication and multilayered fraud detection. Organisations must match fraudsters’ technological innovation to stay ahead of rapidly changing schemes.”

India’s Suspected Digital Fraud Rate Nearly Double Global, with Risk Highest at Account Login

Globally, account creation remains the highest-risk stage across the digital consumer lifecycle, with 8.3% of those transaction attempts suspected to be fraudulent in 2025. In India, however, fraud risk was most concentrated at account login (3.9%) last year, reflecting growing attempts to compromise legitimate user credentials, followed by account creation (3.1%) and financial transactions (1.2%). This pattern suggests attackers are increasingly targeting existing accounts using compromised credentials.

“Fraudsters are moving upstream,” said Anurag Anand, head of fraud solutions, TransUnion India Data Analytics Solutions (INDAS). “They increasingly exploit vulnerabilities at account creation and login, concealing identity manipulation until losses mount. These methods enable criminals to evade rules-based systems built for a different threat environment. To keep pace, businesses need intelligence-driven, proactive solutions like TransUnion’s fraud prevention solutions to detect sophisticated identity risks at onboarding.”

Industries Facing the Highest Digital Fraud Risk in India

Fraud exposure varies significantly by industry, with attackers targeting sectors that combine high transaction volumes with frequent digital engagement.

For transactions involving consumers in India, logistics recorded the highest suspected digital fraud rate in 2025 at 16.3%, followed by telecommunications (14.7%) and insurance (11.5%).

These sectors often rely on real-time interactions, distributed networks and high-frequency transactions, creating opportunities for fraudsters to exploit gaps in identity verification and authentication.

Telecommunications Has Seen the Biggest Increase in Suspected Digital Fraud from India Among Industries Analysed

Source: TransUnion global intelligence network

TransUnion came to its conclusions about digital fraud based on intelligence from its array of TransUnion fraud prevention solutions. To learn more about how TransUnion’s solutions can help businesses avoid fraud and prevent fraud losses, click here.

Specific country and regional data in the report includes India, Botswana, Brazil, Canada, Chile, Colombia, Costa Rica, the Dominican Republic, El Salvador, Guatemala, Honduras, Hong Kong, India, Kenya, Mexico, Namibia, Nicaragua, the Philippines, Puerto Rico, Rwanda, South Africa, Spain, the United Kingdom, the United States and Zambia. Download the TransUnion H1 2026 Top Fraud Trends Report for more information and insights about the global fraud trends.

*Suspected digital fraud attempts reflects those which TransUnion clients determined met one of the following conditions based on device risk indicators: 1) denial in real time due to fraudulent indicators, 2) denial in real time for corporate policy violations, 3) fraudulent upon client investigation, or 4) a corporate policy violation upon client investigation. The country and regional analyses examined transactions in which the consumer or suspected fraudster was located in a select country or region when conducting a transaction. Global statistics represent every country worldwide and not just the select countries and regions.

About TransUnion (NYSE: TRU)

TransUnion is a global information and insights company with over 13,000 associates operating in more than 30 countries and territories, including India, where we operate as TransUnion India Data Analytics Solutions (INDAS).

Through our acquisitions and technology investments we have developed innovative solutions in areas such as fraud, marketing, communications and alternative data. As a result, businesses and consumers can transact with confidence and achieve great things. We call this Information for Good^® — and it leads to economic opportunity, great experiences and personal empowerment for millions of people around the world.

For more information, visit www.transunion.in.

TransUnion (NYSE: TRU) has been named a 2026 Future Digital Awards Gold Winner for Best Branded Call Solution in the Telco Innovation Awards Category, presented by Juniper Research.

The award celebrates the industry’s most forward-thinking companies in roaming, messaging, networks, and fraud prevention. Juniper Research is a global tech strategist firm providing research, data, and forecasting across the fintech, telecoms, and IoT sectors.

“The explosive growth of branded calling across the world is a clear indicator it works when it comes to helping businesses enhance outreach and protect themselves and consumers from fraud,” said James Garvert, Senior Vice President, TransUnion Communications Solutions. “We’re honoured to receive this award, and proud to be part of the solution when it comes to restoring trust in the phone.”

TransUnion’s Branded Call Display allows businesses to establish trust with their customers by showing a verified name, logo, and reason for call. In addition, TransUnion verifies calls with end-to-end STIR/SHAKEN call authentication to help ensure they are legitimate and not spoofed.

“In India, trusted communication is becoming foundational to how businesses engage consumers at every stage of their lifecycle. As mobile-led interactions continue to grow, Branded Call Display is helping businesses establish credibility by ensuring consumers can clearly identify who is calling and why,” said Natarajan Ramani, Head of TransUnion India Data Analytics Solutions (INDAS). “This recognition reinforces the broader trust infrastructure we are building through enabling enterprises to reach consumers with confidence, and consumers to respond with confidence. We are proud to see this work recognised, and even more proud of the impact it creates across India's rapidly evolving digital ecosystem.”

TransUnion’s Branded Call Display also received the following honours in 2025:

• TMC Communications Solutions Product of the Year

•  Stevie Winner (Silver) for Technology Excellence: Technology of the Year

•  Internet Telephony Excellence Award

•  The Fast Mode Awards: Digital Identity Innovator

Learn more about TransUnion’s Trusted Call Solutions.

About Juniper Research

Juniper Research is a global tech strategist firm providing research, data, and forecasting across the fintech, telecoms, and IoT sectors. For over 20 years, Juniper Research has delivered actionable insights that help industry leaders navigate disruption, seize opportunities, and make confident strategic decisions.
https://www.juniperresearch.com

About TransUnion INDAS (NYSE: TRU)

TransUnion is a global information and insights company with over 13,000 associates operating in more than 30 countries and territories, including India, where we operate as TransUnion India Data Analytics Solutions (INDAS).

Through our acquisitions and technology investments we have developed innovative solutions in areas such as fraud, marketing, communications, and alternative data. As a result, businesses and consumers can transact with confidence and achieve great things. We call this Information for Good® — and it leads to economic opportunity, great experiences, and personal empowerment for millions of people around the world.

For more information visit www.transunion.in

TransUnion (NYSE: TRU) has been named a Leader in the Gartner Magic Quadrant for Marketing Mix Modeling (MMM) Solutions for the second consecutive year. Gartner evaluates providers based on their ‘Completeness of Vision’ and ‘Ability to Execute.’

“We feel strongly that being named a Leader for the second year in a row validates the impact of what we’re building,” said Brian Silver, EVP of Global Marketing Solutions at TransUnion. “Our investment in technology and focus on innovation are helping clients turn insight into action and drive measurable performance.”

TruAudience’s MMM capabilities enable brands and agencies to:

• Use unified, SaaS-based tools for advanced MMM, attribution, and experimentation to optimize performance
• Run scenario planning and complex analytics with clear, intuitive visualizations for KPI-specific insights
• Accelerate in-housing through robust support programs, training, and high adoption of transformation initiatives

“Marketers today are operating in an environment rich with data sources, evolving consumer behaviour, and growing opportunities for ROI-focused growth,” said Natrajan Ramani, Head of TransUnion India Data Analytics Solutions (INDAS). “TransUnion’s MMM solution brings clarity by unifying advanced modelling, scenario planning, and experimentation into one ecosystem. It helps businesses understand the true drivers of performance, support decision-making, and plan and optimize investments with confidence. This recognition reflects the trust our clients place in our analytics and our commitment to turning complex data into actionable intelligence.”

Through the TruAudience suite, TransUnion delivers data-driven insights that connect analytics to action, helping businesses plan, measure, and optimize with confidence.

Learn more about TransUnion’s recognition in the Gartner Magic Quadrant and its TruAudience analytics solutions.

GARTNER is a registered trademark and service mark of Gartner and Magic Quadrant is a registered trademark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and are used herein with permission. All rights reserved. Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

About TransUnion INDAS (NYSE: TRU)

TransUnion is a global information and insights company with over 13,000 associates operating in more than 30 countries and territories, including India, where we operate as TransUnion India Data Analytics Solutions (INDAS).

Through our acquisitions and technology investments we have developed innovative solutions in areas such as fraud, marketing, communications, and alternative data. As a result, businesses and consumers can transact with confidence and achieve great things. We call this Information for Good® — and it leads to economic opportunity, great experiences, and personal empowerment for millions of people around the world.

For more information visit www.transunion.in

“Fraudsters are exploiting every digital touchpoint, from account creation to login and transaction. The financial impact is staggering and organisations must rethink how they verify, identity, and secure customer interactions. To stay ahead of increasingly sophisticated threats, businesses must embrace innovative thinking and deploy adaptive strategies that disrupt fraud at every stage of the consumer lifecycle,” said Steve Yin, Global Head of Fraud at TransUnion.

The report, which draws on proprietary data from TransUnion’s global intelligence network and surveys of business leaders in six countries and consumers across 18 countries, including India, reveals that as monetary losses grow in scale, fraud is growing in sophistication and diversity. When the global business leaders were asked which fraud was the predominant cause of business loss in the past year, scam/authorised fraud (24%) was number one, followed by synthetic identity fraud (20%) and account takeover (20%).

Scams/Authorised Fraud Was the Top Reported Cause of Fraud Losses for Global Businesses, Followed Closely by Synthetic Identity Fraud and Account Takeover

Source: TransUnion business survey

While account takeover trails scam/authorised fraud globally, its growth trajectory is concerning. According to data from TransUnion’s customers in its global intelligence network, digital account takeover volume worldwide grew 21% from H1 2024 to H1 2025, signalling a rapid escalation. Looking further back, the volume of account takeover fraud surged 141% from H1 2021 to H1 2025, underscoring its persistent rise over time. This trend reflects the increasing sophistication of fraudsters who exploit stolen credentials and bypass authentication systems.

"As account takeover fraud surges, businesses can no longer afford solely reactive defences,” said Yin. “The growing sophistication of fraudsters demands a proactive investment in layered security and identity intelligence. In today’s threat landscape, protecting customer accounts is not just a priority — it’s a business imperative."

“In India’s fast‑scaling digital economy, enterprises are increasingly prioritising fraud prevention as a core component of business performance,” said Natarajan Ramani, Head of TransUnion India Data Analytics Solutions (INDAS). “As fraud evolves, businesses are looking for intelligence‑driven solutions that strengthen identity assurance, increase operational resilience, and protect revenue at scale. By combining advanced analytics with real‑time intelligence from our global network, we help businesses detect emerging threats earlier, make faster, more informed decisions, and safeguard the integrity of their customer interactions. This report reinforces how essential it is for enterprises to invest proactively in capabilities that keep their ecosystems secure and future‑ready.”

TransUnion came to its conclusions about digital fraud and data breaches based on intelligence from its array of fraud prevention solutions which are available to business in India via TransUnion INDAS.

Specific country and regional data in the report includes India, Botswana, Brazil, Canada, Chile, Colombia, Costa Rica, the Dominican Republic, El Salvador, Guatemala, Honduras, Hong Kong, Kenya, Mexico, Namibia, Nicaragua, the Philippines, Puerto Rico, Rwanda, South Africa, Spain, the United Kingdom, the United States and Zambia. Download the TransUnion H2 2025 Top Fraud Trends Report for more information and insights about the global fraud trends.

About TransUnion INDAS (NYSE: TRU)

TransUnion is a global information and insights company with over 13,000 associates operating in more than 30 countries and territories, including India, where we operate as TransUnion India Data Analytics Solutions (INDAS).

Through our acquisitions and technology investments we have developed innovative solutions in areas such as fraud, marketing, communications, and alternative data. As a result, businesses and consumers can transact with confidence and achieve great things. We call this Information for Good® — and it leads to economic opportunity, great experiences, and personal empowerment for millions of people around the world.

For more information visit www.transunion.in

TransUnion (NYSE: TRU) announced that its Branded Call Display (BCD) solution has won a Silver Stevie® Award for Technical Innovation of the Year, in the Communication Technology category.

BCD, part of the TransUnion Trusted Call Solutions suite, enables companies to promote their business while protecting their customers from fraud by showing their name, logo, and reason for call.

In addition, calls receive end-to-end call authentication to help ensure they haven’t been spoofed. Consumers who trust who’s calling are more likely to answer the call — especially for urgent and personal matters.

The Stevie Awards for Technology Excellence recognize the remarkable achievements of individuals, teams and organisations that are shaping the future of technology across all industry sectors.

“Businesses consider the phone the most important outbound channel for meeting customer service goals and increasing revenues,” said James Garvert, Senior Vice President, Communications Solutions at TransUnion. “But consumers are afraid to answer due to the explosion of impersonation scams and call spoofing. That impacts both businesses and consumers who can’t get the calls they really want. It’s up to businesses to implement solutions like branded calling and spoofed call protection that reassure customers about who’s calling while reducing fraud.”

“The Stevie Award is an important acknowledgement of the innovation and real-world value behind our Trusted Call Solutions,” said Natrajan Ramani, Head of TransUnion India Data Analytics Solutions (INDAS). “In India, businesses increasingly rely on trusted communication to reach and support consumers with confidence. By pairing authenticated caller identity with clear, branded context, Branded Call Display helps businesses improve answer rates, strengthen engagement, and build the secure experiences consumers expect — from service and collections to fulfilment and sales. This recognition reflects the impact our solutions create for businesses.”

Additional recognition
TransUnion Branded Call Display has also been named a finalist for a Leading Light Award in the Outstanding Use Case — Customer Experience category. TMC named Branded Call Display a 2025 Contact Center Technology Award winner and a Communications Solutions Product of the Year. In addition, the Spoofed Call Protection solution was selected as a finalist for the 2025 Finovate Award for Best Back-Office/Core Services Solution.

Over the course of 2024 and through August 2025, TransUnion’s Trusted Call Solutions have won 12 awards.

Learn more about TransUnion’s Trusted Call Solutions.

About the Stevie Awards
Stevie Awards are conferred in nine programs: the Asia-Pacific Stevie Awards, the German Stevie Awards, the Middle East & North Africa Stevie Awards, The American Business Awards®, The International Business Awards®, the Stevie Awards for Great Employers, the Stevie Awards for Women in Business, the Stevie Awards for Technology Excellence and the Stevie Awards for Sales & Customer Service. Stevie Awards competitions receive more than 12,000 entries each year from organizations in more than 70 nations and territories. Honoring organizations of all types and sizes and the people behind them, the Stevies recognize outstanding performance in the workplace worldwide.

http://www.StevieAwards.com

About TransUnion INDAS (NYSE: TRU)

TransUnion is a global information and insights company with over 13,000 associates operating in more than 30 countries and territories, including India, where we operate as TransUnion India Data Analytics Solutions (INDAS).

Through our acquisitions and technology investments we have developed innovative solutions in areas such as fraud, marketing, communications, and alternative data. As a result, businesses and consumers can transact with confidence and achieve great things. We call this Information for Good® — and it leads to economic opportunity, great experiences, and personal empowerment for millions of people around the world.

For more information visit www.transunion.in

TransUnion’s GCC network spans Costa Rica, India and South Africa. The GCC in India, with offices in Bangalore, Chennai, Hyderabad and Pune, enables the company with robust scale and scope while strengthening operational resilience, and augmenting existing service offerings.

Debasis Panda, Senior Vice President, Global Operations and Head of GCCs at TransUnion said: “This investment reflects our vision for the growth of our business and our ability to build operational excellence and seamless experiences for the consumers and clients we support. It allows us to create even more career opportunities for local talent across a full stack of competencies, while empowering GCC India to offer global support for product and platform solutions, data science and analytics, system architecture, intelligent automation, business process management, and shared services.”

“Pune, known for its close-knit technology community, is home to top tier educational institutions and has a thriving business and startup ecosystem that offers a vibrant culture that attracts professionals from across the country. This ensures a steady pipeline of highly skilled technology professionals and leaders, making it an ideal location for us to advance our capabilities and deliver exceptional services to our consumers, clients and colleagues. The expanded environment and rapidly growing capabilities mark a significant chapter in our growth journey for the global business and for our GCC operations in India,” added Eric Hess, Executive Vice President, Global Operations at TransUnion.

TransUnion GCC India’s Pune office is now located on both the 6^th & 7^th floor in the Panchshil Business Park, Tower B, Viman Nagar, Pune, and further strengthens the TransUnion GCCs’ growing presence in India.

The appointment plays a critical role in TransUnion’s ongoing transformation program to optimize its global operating model through a strategy that sets out to centralize, standardize and automate work in locations with deep talent pools. This GCC network allows TransUnion to drive business excellence at a global scale, across 30 markets, while creating sustainable career opportunities for talent across these locations.

Commenting on the appointment, Eric Hess, Executive Vice President, Global Operations at TransUnion, said: “The success of our first GCC, launched in Chennai, India with just 20 employees in 2018, under Debasis’s leadership, paved the way for TransUnion to expand its GCC strategy. He has a wealth of knowledge and experience in this sector and is well positioned to lead TransUnion’s award-winning distributed network of GCCs, positioning them to further support our enterprise priorities.”

Debasis Panda, Senior Vice President, Global Operations at TransUnion, said: “I am excited about this expanded role and look forward to working with our teams in Costa Rica, India and South Africa as we deepen the exemplary value already offered by our network of GCCs. Our centers enable an ‘always-on workforce’ with robust infrastructure, location advantages and highly skilled talent that provide extended language coverage, business continuity and operational resilience for multiple markets and global functions.”

Debasis has more than 30 years of experience in IT services in global leadership roles, setting up GCCs, development centers, and managing global delivery with P&L responsibilities. He holds a bachelor’s in engineering from the National Institute of Technology (NIT), Rourkela, and a Post Graduate Diploma in Management (PGDM) from the Xavier Institute of Management, Bhubaneswar.

The new Pune GCC office location was inaugurated by Eric Hess, Executive Vice President for Global Operations, TransUnion, Debasis Panda, TransUnion GCC India Head, and Rajesh Kumar, Managing Director and CEO of TransUnion CIBIL. The facility will serve as a hub for TransUnion India’s GCC with a full stack of capabilities across technologies, product and platform solutions, data science and analytics, system architecture, intelligent automation, business process management, and shared services.

It will provide specialist leading edge capabilities to TransUnion colleagues and clients across the world, enabling the business to provide 24-hour business continuity to its customers, while supporting its associates’ work-life balance in a hybrid working model. This means that challenges can be resolved quickly, solutions delivered at consistently excellent levels of service, and that new products can be developed more quickly.

“The Pune GCC makes it possible for our global business to focus on digital transformation and innovation, while building greater efficiencies and seamless experiences for consumers and customers worldwide,” said Debasis Panda, TransUnion GCC India Head. “Our move to a much larger location is just one chapter of India’s wider story of leveraging high-end talent and expertise to support more and more regions of the world. TransUnion India’s GCCs’ robust operational maturity highlights the skills and expertise offered by Indian associates.”

“India’s strong digital skills and infrastructure support a compelling growth and expansion opportunity for TransUnion,” said Eric Hess, Executive Vice President for Global Operations, TransUnion. “The country’s thriving technology ecosystem enables the accelerated transformation of our business to drive greater global efficiencies for consumers and customers as we make trust possible in the modern economy, more quickly and efficiently.”

TransUnion’s ecosystem of GCCs also has operations in South Africa and Costa Rica. This global network represents a key element of its growth strategy, enabling it to take advantage of best-in-class talent pools around the world to leverage innovation, offer global scalability and deliver value for the organization.

TransUnion identified Pune as the ideal location for GCC network expansion in India as it is home to a large number of higher educational institutions offering data science and business analytics programs, artificial intelligence (AI) and machine learning (ML) courses, a vibrant tech start-up environment, and a tight-knit technology community.

“The Pune GCC, along with our wider GCC ecosystem, has provided the technological innovation needed to achieve TransUnion CIBIL’s goals of supporting India’s financial ecosystem in catalyzing financial inclusion and contributing towards the Indian government’s goal of a US$ 5 trillion economy by 2025,” said Rajesh Kumar, Managing Director and CEO of TransUnion CIBIL at the inauguration ceremony. “It means that we can continue to accelerate innovation, expand our application portfolio, and deliver even more value to consumers and customers by providing an actionable picture of each person and business so that they can be reliably represented in the marketplace. As a result, businesses and consumers can transact with confidence and achieve great things as our solutions help create economic opportunity and great experiences for hundreds of millions of people in India and all over the world.”

L-R: Rajesh Kumar, Managing Director and CEO of TransUnion CIBIL, Eric Hess, Executive Vice President for Global Operations TransUnion and Debasis Panda, TransUnion GCC India Head together at the new TU GCC Pune office.

OPL is an online lending platform that enables borrowers—primarily Micro, Small and Medium Enterprises (MSMEs) and individuals—to apply for a loan online and receive in-principle approval in 59 minutes or less from leading banks and credit institutions. Since its founding, OPL has established itself as one of India’s leading online commercial lending platforms, meeting the needs of a quickly evolving lending ecosystem. Today, OPL has an established online marketplace (www.psbloansin59minutes.com) and also provides lending solutions to leading banks and financial institutions.

“We are thrilled to join forces with partners who share our vision of advancing social and economic development. When we can bring more opportunity to India’s small and medium-sized businesses and individuals through improved borrowing practices, the possibilities are endless,” said Jinand Shah, MD & CEO, Online PSB Loans. “Together with TransUnion and HDFC, we will expand access to lending services and improve analytical capabilities for our customers,” said Ronak Shah, Co-founder & COO, Online PSB Loans.

“The MSME sector forms the backbone of India’s economic growth. Insights show that only about one-third of MSMEs in India are served through the formal credit ecosystem, indicating the opportunities for increasing credit penetration in the MSME segment. TransUnion is committed to supporting banks and credit institutions in sustainable growth of their MSME portfolios while improving reach and driving access to finance for MSMEs.” said Rajesh Kumar, Managing Director & CEO, TransUnion CIBIL, a TransUnion Group company. “OPL’s convenient, easy-to-use technology will allow TransUnion to better serve clients in India and furthers its commitment to small businesses as critical drivers of global economic recovery.”

TransUnion has always helped its customers thrive through solutions that deliver faster, more secure access to credit and other services. The partnership with OPL will enable TransUnion to play a larger role in expanding India’s digital lending ecosystem, widening the distribution of TransUnion solutions and services to the MSME market which comprises over 63 million enterprises. In 2020, the segment played a significant role in the national economy as the largest employment generator, adding 110 million jobs and contributing to approximately 29%^[1] of India’s GDP. In addition, TransUnion will leverage its best-in-class analytical capabilities to build products and services that enhance the OPL platform and enable more accurate decision making by lenders.

Ms. Renu Sud Karnad, Managing Director – HDFC Ltd said: “We are delighted to partner with OPL. The team has developed a quick and efficient platform, digitizing loan appraisal processes. This breakthrough innovation for the MSME sector will benefit all stakeholders. The MSME sector is a major contributor to the socio-economic development of the country. Digitization of the lending process will improve customer experience and help in significant cost and time savings. This is the preferred medium of credit delivery to customers, as has been our experience as over 89% of new home loan applications are received through digital channels.”

Through the partnership, all three companies will combine their unique strengths and capabilities across data, technology and analytics to explore the development of new products and solutions, which will transform the lending landscape in the country.

About OPL

Online PSB Loans Limited (“OPL”) is an online lending platform that enables borrowers to apply for a loan and receive in-principle approval in 59 minutes or less from leading banks and credit institutions. OPL’s contactless business loans range in value from INR 10,000 up to INR 5 crore, with some of the lowest interest rates available. OPL’s lending solution uses advanced algorithms to analyze data across a range of sources, including IT returns, GST, bank statements, bureaus, fraud checks, and MCA.

About TransUnion (NYSE: TRU)

TransUnion is a global information and insights company that makes trust possible in the modern economy. We do this by providing an actionable picture of each person so they can be reliably represented in the marketplace. As a result, businesses and consumers can transact with confidence and achieve great things. We call this Information for Good^®.

A leading presence in more than 30 countries across five continents, TransUnion provides solutions that help create economic opportunity, great experiences, and personal empowerment for hundreds of millions of people.

http://www.transunion.com/business

About HDFC Ltd.

HDFC Ltd is India’s leading mortgage lender and a well-established financial conglomerate. It has assisted over 88 lacs customers in acquiring their own home over the last 4 decades. With a wide network of 616 offices, it caters to several towns and cities across India. HDFC Ltd has offices in London, Dubai, Singapore and service associates in the Middle East to assist non-resident Indians and PIO’s.

For more information, please visit www.hdfc.com

The partnership will enable TransUnion to offer expanded digital onboarding and verification technologies to its global customer base, including enriched video-based Know Your Customer identification (“Video KYC”). The transaction highlights TransUnion’s continued commitment to making its offerings more scalable, secure and efficient, as the company continues to invest heavily in technology.

“As digital adoption accelerates in the financial services sector, TransUnion is dedicated to being at the forefront in supporting our customers with this important shift,” said Todd Skinner, President of International, TransUnion. “We are thrilled to partner with IDfy to offer our customers leading Video KYC technology, for an even more integrated and secure customer onboarding solution.”

“India’s financial services sector is at a critical tipping point in digital adoption, buoyed by progressive regulatory reforms and the realities of the COVID-19 pandemic,” said Rajesh Kumar, Managing Director & CEO, TransUnion CIBIL. “The TransUnion Group continues to remain committed to innovate in order to provide contemporary solutions for our customers, to assist them in scaling business growth in the dynamically changing market environment. With IDfy, we will be able to bring best-in-class onboarding technology to our customers and further help strengthen trust, while also supporting economic resurgence and financial inclusion in India.”

“Our partnership with TransUnion, one of the most trusted names in information and insight services, is an exciting opportunity to bring IDfy’s technology to more customers,” said Ashok Hariharan, Founder and CEO, IDfy. “IDfy and TransUnion have a shared goal of delivering the tools needed to help our customers thrive in a more digital world. Together, we will be able to bring more solutions to new and existing customers and lead the way in innovation – unlocking the potential of identity verification, authentication and end-to-end onboarding to create a more secure world.”

Video KYC technology is recognized as an important tool to securely reduce time, cost and friction in the customer onboarding and verification process. The Reserve Bank of India issued an Amended Master Directive to financial institutions in May 2021 focused on improving customer convenience through the implementation of Video KYC. IDfy is a leader in Video KYC, setting industry benchmarks for customer conversion rates and cost of customer acquisition at banks and financial institutions. Leading market intelligence firm IDC recognizes IDfy as an Innovator in Video KYC.[1]

IDfy’s technology will enhance TransUnion’s existing onboarding and verification solutions for financial institutions by improving background verification, fraud detection and income estimation.

IDfy also serves a diverse set of markets outside of financial services, including eCommerce, on-demand economy and online marketplaces. This provides TransUnion a platform for extending its leading solutions and products to new sectors. Together, TransUnion and IDfy will explore opportunities to provide a full suite of products to enhance existing customer offerings, as well as opportunities to create new solutions.

TransUnion is a global information and insights company that makes trust possible in the modern economy. We do this by providing a comprehensive picture of each person so they can be reliably and safely represented in the marketplace. As a result, businesses and consumers can transact with confidence and achieve great things. We call this Information for Good.®

TransUnion Global Fraud Solutions unite both consumer and device identities to detect threats across markets while ensuring friction-right user experiences. The solutions, all part of the TruValidate suite, fuse traditional data science with machine learning to provide businesses unique insights about consumer transactions, safeguarding tens of millions of transactions each day.

A leading presence in more than 30 countries across five continents, TransUnion provides solutions that help create economic opportunity, great experiences and personal empowerment for hundreds of millions of people.

http://www.transunion.in

44% of consumers checking their CIBIL Score and Credit Report at a CSC showed a score improvement within six month

MUMBAI, July 7, 2021: TransUnion CIBIL and Digital India’s Common Service Centers (CSCs) have celebrated the first year of their partnership by providing over 150,000 consumers, primarily from rural India, with easy access to their CIBIL Score and Credit Report. Announced in July 2020, the collaboration helps consumers check their CIBIL Score and Report at Common Service Centers (CSCs).

Fostering trust through consumer awareness across rural India

Aimed at increasing credit consciousness in rural and semi-urban areas, 72%* of the consumers who accessed their CIBIL Score and Credit Report at the CSCs hailed from non-tier 1, 2, and 3 cities. The pan-India partnership saw the largest count of consumers opting to check their CIBIL Score and Reports come from the north-zone (33%), while the east, west and south zones contributed 27%, 25% and 15%, respectively.

While 81% of these consumers had a 3-digit numeric CIBIL Score, 19% were not eligible for a CIBIL Score as they may not have any credit history on the consumer bureau. Additionally, out of those who were eligible for a 3-digit numeric CIBIL Score, 62% had a Score of 720+; 18% had a score ranging from 680-719 and 20% had a score between 300 and 679. The average CIBIL Score was 721.

Demographic analysis revealed that 68% of these consumers were Millennials (born 1982 - 1996), 22% were non-Millennials (this includes Gen X and older), while 9% were Gen Z (born after 1996).

Empowered consumers can transact with confidence

This pioneer collaboration has enabled consumers to access their credit profiles, understand the importance of their CIBIL Scores and Credit Reports, and empowered them to utilize formal credit opportunities. State-level data analysis indicated that the highest number of consumers who used this facility came from Uttar Pradesh (16%), followed by Maharashtra (12%) and Haryana (7%).

Credit profile awareness directly proportional to improvement in CIBIL Score

Speaking on these findings, Sujata Ahlawat, Vice President and Head, Direct-to-Consumer Interactive, TransUnion CIBIL, said: “TransUnion CIBIL and CSC are focused on building credit awareness to drive the financial inclusion of every consumer across the country. Through this collaboration, we aim to reach out to the last-mile consumers in regional and rural areas, providing them with easy access to their CIBIL Scores and Credit Reports at their local CSCs. Within just one year of its operation, we have seen an increase in consumer awareness as well as how consumers are using these opportunities to meet their financial requirements.”

Insights show that consumers have worked towards improving their credit profile within six months of checking their CIBIL Score and Credit Report, with 44% of respondents showcasing an improvement in their CIBIL Score, out of which 46% improved their score by more than 20 points. This improvement in credit behaviour may be attributed to consumers adopting more credit-conscious habits such as paying their credit dues on time, availing credit opportunities with care and monitoring their credit report and score regularly.

This indicates that a large percentage of consumers who access their score are aware of the importance of their credit profiles and the role of their CIBIL Score and Credit Report in helping them get access to credit, and how improving it can lead to wider financial opportunities.

Insights on action taken by consumers within 90 days of checking their credit profile showed that 26% of all consumers went on to apply for a new credit line, while 39% of them went on to enquire for a loan or credit card.

Insights based on product type show that there is a marked preference in demand for personal loans and consumer-durable loans across age groups and regions.

“The type of credit being availed by consumers in rural and semi-urban regions showcases their evolving needs and requirements. This data also reflects the growth of India’s credit market which now provides access to various credit opportunities, across both secured and unsecured products, even in non-tier 1, 2 and 3 cities, towns and villages”, explains Sujata.

Growth in credit activity as an indicator of financial wellbeing

Commenting on the growth seen in credit consciousness and awareness at the grassroots level, Dr Dinesh Tyagi, MD, CSC e-Governance Services India said: “Low awareness about credit health in rural communities has been a cause of concern as these consumers are unable to access the financial opportunities that come with having a good CIBIL Score. Our joint effort is aimed at bridging this gap and helping rural consumers become financially confident and credit-savvy. It gives us immense happiness to see the fruits of this collaboration come alive.”

“Increased credit consciousness leads to positive credit behavior as consumers understand the impact of their credit activity on their CIBIL Score and access to finance. With many credit institutions offering better terms and conditions and lower rates of interest for borrowers with a higher CIBIL score, it is advantageous for consumers to monitor and maintain a healthy credit profile. TransUnion CIBIL is committed to ensuring that each consumer is reliably and safely represented in the marketplace so that they can access economic opportunities easily,” concludes Sujata.

>> Visit your nearest Common Service Center to get your CIBIL Score and Report today.

>> Learn more about the CIBIL Score and Report at www.cibil.com

*All statistics are for the period July 2020 to March 2021.

Across industries, the rate of suspected digital fraud attempts globally rose 24% when comparing the first four months of 2021 with the last four months of 2020. The overall percentage of fraud attempts originating from India against businesses increased 25% during the same time period.

TransUnion came to its conclusions about fraud against businesses based on intelligence from billions of transactions and more than 40,000 global websites and apps contained in its flagship identity proofing, risk-based authentication and fraud analytics solution suite – TransUnion TruValidate™. These websites and apps have traffic coming from countries across the globe, including India.

“The rate of digital fraud attempts are up globally and especially in the financial services industry because fraudsters understand this is where the most high value transactions are taking place,” said Mr. Shaleen Srivastava, Executive Vice President and Head of Fraud Solutions at TransUnion in India. “We are seeing more financial services organizations implement fraud prevention solutions with some success, though our findings make it clear that this is not the time to relax. As the economy begins to open up and perform better, businesses need to do even better to ensure they are providing a secure marketplace that offers friction-right experiences to consumers.”

Examining Fraud Types and Their Impact on Industries

TransUnion analyzed industries with the highest increases and declines in the percent of suspected digital fraud attempts against them, comparing the periods of September 1 - December 31, 2020 and January 1 - May 1, 2021.

Top Suspected Digital Fraud Rate Attempt Increases and Declines by Industry

TransUnion defines true identity theft, the top type of digital fraud globally in financial services, as the consumer using a stolen identity to commit fraud with the victim being a real person. The second and third most reported type of digital fraud by TransUnion financial services customers globally are first party application fraud and account takeover, respectively. First-party application fraud is when a consumer refuses to repay legitimately incurred debts and/or falsely claims to be a victim of identity fraud to evade debt. Account takeover is when someone other than the owner of an account uses the account without permission, indicating that the account has been maliciously compromised.

“An interesting dynamic is playing out where we are seeing other industries facing far fewer suspected fraud attempts than what has been observed in financial services. In India, financial services—an industry traditionally known for being in person—saw a significant jump. Fraudsters have recognized the digital acceleration specifically in this industry and are trying to capitalize,” added Shaleen. “The key takeaway for businesses is that fraudsters do not treat every industry equally. They often pick and choose an industry to focus on based on the time of year or what businesses are seeing more transactional activity. At times, fraud attempts are simply conducted at random simply to determine if businesses are prepared to meet their challenges.”

More information about TransUnion’s quarterly fraud report can be found here.

Direct Relief and United Way Mumbai are working closely with local Indian hospitals to identify and deliver the most in-demand medical supplies, such as oxygen concentrators and other vital equipment. TransUnion’s contribution of US$500,000 to each organization will help facilitate the procurement and delivery of these supplies to locations in need.

“The unprecedented second surge of COVID-19 in India demands a collaborated relief approach from across businesses, industries and individuals. We are committed to supporting the relief efforts in every possible way and collaborating to save lives and foster well-being,” said Rajesh Kumar, Managing Director and CEO, TransUnion CIBIL. “It’s vital the corporate fraternity play a role in securing aid for the country, and we’ll remain vigilant throughout India’s time of need.”

In addition to the donation, TransUnion is helping employees remain healthy and obtain treatment where needed. The company provided online medical consultation services, isolation centers, emergency services and home testing options. The company also airlifted 50 oxygen concentrators to TransUnion offices in Chennai, Mumbai, New Delhi, Pune and other prominent cities for employees and family members in need of more advanced care. TransUnion will continue to provide aid to employees, including testing and vaccination opportunities and additional wellness health programming.

As a global information and insights company with a role in economic health, TransUnion acted swiftly from the start of the global pandemic and continues to provide insights to businesses and governments to help navigate this unprecedented situation. TransUnion is also providing innovative solutions and thought leadership to its customers, such as enhancements to address increased fraud and a series of Global Consumer Financial Hardship studies to help businesses understand how consumers were impacted financially by the outbreak.

“TransUnion’s presence in India continues to grow, and this crisis is personal to our people, their families and friends, and our local communities,” said Debasis Panda, Vice President of Operations and leader TransUnion’s global capability centers in India. “The aid we have provided to our employees is only the beginning. We are committed to seeing to their needs throughout the pandemic and recovery period.”

The donation is a joint contribution between TransUnion LLC and TransUnion CIBIL, the company’s credit information business in India.

TransUnion came to its conclusions about fraud against businesses based on intelligence from billions of transactions and more than 40,000 global websites and apps contained in its flagship identity proofing, risk-based authentication and fraud analytics solution suite – TransUnion TruValidate™. These websites and apps have traffic coming from all the countries across the globe including India.

It found the percent of suspected fraudulent digital transaction attempts[1] against businesses originating from India increased 28.32% when comparing the following two periods: Period #1 (March 11, 2019 and March 10, 2020); Period #2 (March 11, 2020 – when the World Health Organization declared COVID-19 a global pandemic – and March 10, 2021).

“Fraudsters are always looking to take advantage of significant world events. The COVID-19 pandemic and its corresponding rapid digital acceleration brought about by stay at home orders is a global event unrivaled in the online age,” said Mr. Shaleen Srivastava, executive vice president and head of Fraud Solutions at TransUnion in India. “By analyzing billions of transactions globally we screened for fraud indicators over the past year, it has become clear that the war against the virus has also brought about a war against digital fraud.”

In India across industries, TransUnion found that highest percent of suspected digital fraudulent transactions originated from following cities 1) Mumbai 2) Delhi and 3) Chennai.

Examining Fraud Types and Their Impact on Industries

TransUnion analyzed the below industries for a change in the percent of suspected digital fraud attempts against them coming from across the globe, comparing the periods of March 11, 2019-March 10, 2020 and March 11, 2020-March 10, 2021.

Suspected Digital Fraud Attempt Rate Post-Pandemic Declaration

[1] The percent or rate of suspected fraudulent digital transaction attempts are those that TransUnion’s customers either denied or reviewed due to fraudulent indicators compared to all transactions it assessed for fraud

Results showed a significant increase in attempted digital fraud originating from India against logistics companies. The level more than trebled (up 224%) and has been a significant development during COVID-19 times. With more people shopping online during the pandemic, goods are having to be shipped and fraudsters know this so are targeting either redirecting genuine orders or alternatively placing fraudulent orders with compromised consumer accounts to genuine customer addresses, and then redirecting them once shipped.

Separately at a global level, through the TruValidate solution, TransUnion documented a 19% growth in transactions among its global iGaming customers from 2019 to 2020, and recently researched its fraud impact in a special report. It determined that its online gambling customers experienced a 9% increase in the rate of suspected fraud when comparing 2019 to 2020 among the hundreds of millions of iGaming transactions TransUnion analyzed for risk indicators last year.

Despite it being one of the hottest-growing industries, TransUnion observed a decrease in the iGaming mobile transaction rate across the globe for the first time since at least 2016. However, iGaming on mobile devices is still much higher than desktops with the percent of online gambling transactions coming from mobile devices at 69%.

“Despite the rising level of attempted fraud globally, consumers demand businesses both protect their transactions and still maintain convenient digital experiences. The businesses that come out on top will be those that successfully balance both,” concluded Srivastava.

For more details about the above findings, visit this blog post.

[1] The percent or rate of suspected fraudulent digital transaction attempts are those that TransUnion’s customers either denied or reviewed due to fraudulent indicators compared to all transactions it assessed for fraud

The new center is located at Nagar Road, Yerawada, Pune, and TransUnion plans to hire diverse talent with expertise in data science and analytics, digital technologies, mobile computing, intelligent automation, etc.

“The investment in this new center will help us harness the best talent pool available to enable a wide range of technology and business operations for the global enterprise,” said Debasis Panda, Vice President, Operations, TransUnion. “The Pune center is part of a wider initiative which also sees TransUnion concurrently opening a new global capability center in South Africa.”

In 2018, TransUnion set up its first global capability center in Chennai. From a pilot team of 20 associates, it has grown to more than 900 associates. In 2020, the Chennai capability center has been certified by the Great Place to Work® Institute as “India’s Top 50 Best Workplaces”, “India’s Top 50 Best Workplaces for Women”, and “India’s Top 25 Best Workplaces in IT and IT-BPM".

“The success of the center in Chennai helped pave the way for the additional investment in other markets,” said Eric Hess, Executive Vice President for Global Operations, TransUnion. “GCCs are a foundational investment that will foster development of new capabilities, enable innovation and deliver value for the organization. TransUnion’s vision is to establish and implement a global operating model with an optimized location footprint, centralized functions and talent pools to achieve global scalability as well as market-level differentiation.”

Congratulating TransUnion on the new center launch, Debjani Ghosh, President, NASSCOM, said: “This is a welcome move from TransUnion during the pandemic era. The expansion of its global capability center in Chennai to Pune will immensely benefit the organisation and enable it to further leverage talent, develop new capabilities and foster innovation. India continues to be a preferred hub for global capability centers because of its very favorable ecosystem. Access to an exceptional talent pool with domain expertise and in-demand technology skills is the primary reason we are witnessing accelerated growth in the number of GCCs coming to our great country.”

Standing up global capability centers across multiple continents allows TransUnion to take advantage of time zones, expand language coverage and leverage talent globally. The GCCs strengthen TransUnion’s operational resilience and enhance the global operating model through an ‘always-on’ workforce leading TransUnion to become a destination for top talent.

“While the COVID-19 pandemic has created unprecedented business disruptions, it has compelled the industry to speed up and revitalize digitalization and data-analytics across systems, processes and operations. The power of credit information analytics has proven its efficacy by enabling the quick and smooth implementation of Government relief schemes like the moratorium, ECLGS and EGPS, and by helping find and fund good borrowers. In-order to keep pace with dynamic market trends, evolving consumer behavior and economic changes, there is a need for continuous innovation and learning on data analytics. TransUnion is committed to the holistic development of the financial technology ecosystem in India. We believe that the TransUnion Sandbox Experience will help catalyze and further strengthen India’s data ecosystem, foster trust among market participants and help accelerate economic development and financial inclusion for nation building,” explained Mr. Rajesh Kumar, MD & CEO, TransUnion CIBIL.

The first TransUnion Sandbox Experience is designed for the FinTech lending ecosystem  and has around 200 contestants from the FinTech Industry. The contest is organized across three business problem statements or tracks. Each competing team has to pick one of the problem statements on which they will be able to do model development across a 72-hour period. One team in each track, comprising of two individuals from the same organization, are allowed to compete. The contest has grand prizes and recognition in store for the participants and winners – first prize is a cash award of 6 lakhs and second prize is a cash award of 4 lakhs for the winning teams across each track.

FinTech lending industry players are enthusiastic about the TransUnion Sandbox Experience. Speaking about the value this contest brings, the founder and CEO of PayU Credit, Mr. Prashanth Ranganathan said: “We see tremendous potential of data analytics-based solutions in helping us identify potential customers and drive access to financial opportunities for many more deserving consumers across our country. The TransUnion Sandbox Experience has a great construct to foster collaboration and co-creation, bringing the brightest minds in the industry together solving for the collective good.”

DMI Finance Private Limited is yet another key contestant and explaining the objective of their participation, its Co-Founder and Managing Director Mr. Shivashish Chatterjee, said: “The credit data ecosystem in India is at an inflection point where the industry is just starting to separate the signal from the noise. Forums like the TransUnion Sandbox Experience are promoting ideation, innovation and evolution for not on the FinTech industry but the broader consumer and SME credit sector. The problems that participants will tackle and the solutions they will be able to find and test in this contest will be instrumental in augmenting the credit lifecycle management for all lenders and keep India at the forefront of data innovation.”

The first TransUnion Sandbox contest for FinTech industry players will be held from 12^th-15^th Jan 2021. “The FinTech lending industry is providing access to finance through approximately 13 million loans as of 2019 to the tune of INR 230 billion. Access and experience for FinTech players on world class data analytics technology is essential to empower them further so that they can contribute to driving greater economic resurgence and financial inclusion. We’re attempting to provide support and motivation to FinTech lenders through our first Sandbox Experience contest,” concluded Rajesh.

In order to foster responsible innovation in financial services, promote efficiency and bring benefit to consumers, the Reserve Bank of India has also initiated an enabling framework for Regulatory Sandbox (RS). The RS is, at its core, a formal regulatory programme for market participants to test new products, services or business models with customers in a live environment, subject to certain safeguards and oversight.

Mumbai, India, 28 Oct, 2020 – A new global and India study by the Economist Intelligence Unit for TransUnion (NYSE: TRU) has overwhelmingly found the key to whether or not companies go out of business hinges on providing consumers friction-right digital transactions. About 94% of India and 85% of global executives surveyed as part of the study said they believe smooth transactions are “essential to business survival” rather than merely a competitive edge.

“COVID-19 has dramatically accelerated digital transformation with 61% of our global survey respondents saying their organization has changed their digital transaction process due to the pandemic,” said Shaleen Srivastava, executive vice president and head of Fraud, Solutions and Alternate Data at TransUnion in India. “But all of this digital progress will be wiped out if we can’t remove these barriers to building bilateral digital trust. For instance, two-thirds of global executives in the study who said their company changed their digital transaction process as a result of the pandemic experienced glitches."

The report, “New Dimensions of Change: Building Trust in a Digital Consumer Landscape,” included responses from 162 executives from India, and 1,448 executives in Brazil, Canada, Chile, China, Colombia, the Dominican Republic, Hong Kong, the Philippines, South Africa, the U.K. and the U.S. The research uncovered how technologies like artificial intelligence (AI), national digital IDs^[1] and super-apps^[2] can help overcome hurdles and possibly create new challenges to building digital trust.

Artificial Intelligence (AI), Biometrics and National Digital IDs Will Play an Increasingly Important Role in Fraud Prevention

Overwhelmingly respondents answered that: 1) biometrics will be the dominant payment customer authentication method; 2) improved fraud detection and security is the greatest benefit to using AI; and 3) a national digital ID system will help prevent consumer fraud.

Approximately 93% of India and 85% of global executives say biometrics are likely to be used to authenticate the vast majority of payments in the next 10 years. About 37% of India and 43% of global respondents noted that improved fraud detection and security is the greatest benefit to using AI. This was the top selection by far with smoother customer experience being the second most used answer globally at 29% worldwide and 27% in India. Furthermore, the vast majority of executives, 95% in India and 79% globally, think national digital IDs will help fraud prevention in consumer transactions.

“Ensuring consumer trust starts with preventing fraud. Our research overwhelmingly showed that biometrics, AI and national digital IDs aren’t just a fad for consumer fraud prevention. They are key for trusted commerce for the foreseeable future,” said Shaleen.

National Digital IDs Hold the Key to Economic Inclusion

Seven in 10 executives globally and 93% in India believe a national digital ID gives low-income groups access to consumer services they would have previously been excluded from. By industry worldwide, respondents from consumer lending and telecommunications think such IDs give lower-income groups access to services they might otherwise lack. Both industries have led the way over the last decade in reaching the community of financially-underserved customers, manifested in innovations like microfinance and mobile money.

Executives Believe Consumers are Comfortable Sharing Personal Data

About 91% of India and 73% of global executives believe consumers are comfortable sharing personal data with private companies. Nearly 71% of worldwide and 93% of India executives believe consumers are comfortable sharing personal data with governments. Brazilian, Chinese and Dominican Republican executives have vastly differing views about whether or not consumers are willing to share data with private companies versus government bodies (more than 10% difference in each country between sharing with governments and companies). Chinese respondents believe consumers are much more comfortable sharing personal data with government bodies than companies. Brazilian and Dominican Republican executives have the opposite belief.

“Technological innovations like AI, biometrics and national digital IDs paired with proven fraud prevention methods like device intelligence can provide a more convenient and inclusive way for consumers to transact that still protects security and privacy,” Shaleen concluded.

[1] National digital ID initiatives are government-administered programs to provide a digital identity to residents, often using biometric data to authenticate identity.

[2] Super-apps are single digital portals, predominantly accessed via smartphones, through which customers access and pay for third-party products and services.

About TransUnion

TransUnion is a global information and insights company that makes trust possible in the modern economy. We do this by providing a comprehensive picture of each person so they can be reliably and safely represented in the marketplace. As a result, businesses and consumers can transact with confidence and achieve great things. We call this Information for Good.®

TransUnion Global Fraud Solutions unite both consumer and device identities to detect threats across markets while ensuring friction-right user experiences. The solutions, all part of the IDVision® with iovation® suite, fuse traditional data science with machine learning to provide businesses unique insights about consumer transactions, safeguarding tens of millions of transactions each day.

A leading presence in more than 30 countries across five continents, TransUnion provides solutions that help create economic opportunity, great experiences and personal empowerment for hundreds of millions of people.

About The Economist Intelligence Unit

he EIU is the thought leadership, research and analysis division of The Economist Group and the world leader in global business intelligence for executives and professionals. We uncover novel and forward-looking perspectives with access to more than 750 analysts, experts and in-country contributors that produce best-in-class intelligence for over 200 countries and regions. More information can be found on www.eiuperspectives.economist.com. Follow us on Twitter, LinkedIn and Facebook.

Specifically, TransUnion found that suspected online fraud from India against businesses increased 121% from right before the pandemic (1^st Jan-10^th March) to the beginning of the pandemic (“phase 1,” 11^th March -18^th May). However as businesses began reopening (“phase 2,” 19^th May - 25^th July), TransUnion’s findings revealed a 29% decrease in suspected digital fraud attempts from India against businesses when compared to phase 1 (11^th March-18^th May).

Globally, TransUnion found the percent of suspected fraudulent digital transactions against businesses worldwide decreased 9% from the beginning of the pandemic (11^th March – 18^th May) to when businesses began reopening (19^th May 19- 25^th July).

“With the rush for businesses to go digital as many were forced to go completely online almost overnight, fraudsters tried to take advantage,” said Shaleen Srivastava, EVP and Head of Fraud, Solutions and Alternate Data at TransUnion in India. “They were most likely unsuccessful in their attempts and took their scams elsewhere as those businesses ramped up their digital fraud prevention solutions while providing a friction-right consumer experience. Conversely with consumers, fraudsters are increasingly using COVID-19 to prey on those persons who are facing mounting financial pressures.”

Recent Rise in Suspected Online Fraud Against Certain Industries

TransUnion also analyzed the change in the percent of suspected digital fraud from India against businesses across industries recently.

“Our analysis suggests that financial services and logistics companies have witnessed the highest percentage increase in suspected fraudulent digital transactions coming from India recently. Astute monitoring and vigilance is vital to contain and control losses due to fraudulent transactions,” asserts Shaleen.

TransUnion analyzed the below industries for a change in the percent of suspected digital fraud against them, comparing the periods of 11^th March —18^th May and 19^th May —25^th July.

Suspected Fraud Change Originating from India and Their Impact Across Industries

“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,” concludes Shaleen. “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.”

Methodology

This quarter TransUnion analyzed fraud trends against companies to reflect the reopening of in-person business locations during the COVID-19 pandemic. TransUnion used 11^th March, 2020 – the date the World Health Organization declared COVID-19 a global pandemic – as a base date for its analysis. It used 18^th May and 19^th May as the mid-point dates during the pandemic in order to compare fraud trends during the first 68 days to the second 68 days of the pandemic. Suspected fraud are transactions that TransUnion’s customers either denied or reviewed due to fraudulent indicators.

For a hub of relevant educational resources aimed to help fight fraud during this time, go to the TransUnion Global Fraud Solutions COVID-19 resource center.

TransUnion Seamless Onboarding

at a Glance

INSTANT IDENTITY ESTABLISHMENT

Using the latest in biometrics and encryption, applicants can safely scan documents and faces instead of manually entering text – reducing time and friction.

DIVERSE DATASETS FOR IDENTITY VERIFICATION

Tap into a massive network of personal and digital data to establish a consumer's identity with greater confidence.

ENHANCED FRAUD PROTECTION

TransUnion’s latest fraud countermeasures work behind the scenes in real time, helping you mitigate risk while complying with the strictest regulations.

CONSUMER-FRIENDLY AUTHENTICATION

Offer fully customizable, smooth authentication and authorization experiences, and strengthen security during every step of the consumer journey.

STREAMLINED CREDIT AND RISK DECISIONING

Detailed credit, risk and affordability assessments and evaluation checks help automate underwriting execution.

ABILITY TO PREQUALIFY AND CUSTOMIZE OFFERS

Prequalify consumers ahead of detailed credit evaluations to reduce tentative drop-offs, and present individualized offers to boost conversions.

BUSINESS PROCESS AUTOMATION

Reduce manual and time-consuming application steps by automating document submission, signature and consent process

REAL-TIME ACTIVATION

Real-time fulfillment of credit cards or personal loans provides a more gratifying experience. Increase upsells by presenting allied offers like balance transfer or debt consolidation.

To read more about TransUnion Seamless Onboarding view our summary sheet