E-commerce, unemployment claims, stimulus payments and other needs brought many more people online over the course of 2020. Fraudsters were ready to pounce in all of these areas, gathering personal information and intercepting payments whenever possible.
But it's not entirely a rising tide for the bad guys. Synthetic fraud — using the use of a partially fabricated identity — was actually down last year, according to TransUnion data. But there are signs that even this will recover, so consumers and banks must be vigilant.
Host: Michael Moeser, senior analyst, PaymentsSource
Guest: Shai Cohen, senior vice president of global fraud solutions, TransUnion