Fraudulent Transactions on the Rise in Namibia: Report Reveals Alarming Trends
Introduction
A recent report by TransUnion, a leading information and insights provider, has highlighted the increasing trend of fraudulent transactions in Namibia. The report, titled the “2023 State of Omnichannel Fraud Report”, reveals that 34% of Namibian consumers were targeted by fraudulent transactions between September and December last year.
Phishing Attempts: The Most Common Form of Fraud
The report shows that phishing attempts were the most common form of fraud, with 28% of Namibians experiencing smishing (fraudulent text messages) and 24% being targeted by vishing (fraudulent calls).
Consumer Concerns
However, Namibian consumers are more concerned about other types of digital fraud, including:
- Account takeovers: 69%
- Identity theft: 65%
- Stolen credit cards or fraudulent card transactions: 64%
Globally, the report found that 4.6% of all digital transactions were suspected to be fraudulent, a figure that has remained steady since 2019.
Gaming Sector Sees Significant Surge in Fraudulent Transactions
The gaming sector saw a particularly significant surge in fraudulent transactions, with an increase of 179% since 2019.
Proactive Measures Needed
Lara Burger, country manager of TransUnion Namibia, warned that businesses need to take proactive steps to protect themselves and their customers from these threats. “Identity proofing and authentication must be up-to-date and robust to prevent fraud,” she said.
Consumers Take Action
The report found that nearly half of Namibian consumers who were targeted by fraud placed a freeze on their credit, while 30% contacted the affected company.
Businesses Must Stay Ahead of the Game
Burger cautioned that fraudsters are quick to adapt to changing circumstances, making it crucial for businesses to stay ahead of the game.
TransUnion’s Intelligent Predictive Solutions
TransUnion uses its intelligent predictive solutions to help businesses prevent fraud and deliver better experiences for customers. The company monitors digital fraud attempts across various industries and provides insights based on billions of transactions and thousands of websites and apps.
Download the Report
For more information about the report’s findings, please download it here.