TransUnion’s latest State of Omnichannel Fraud Report reveals that 4.6% of Kenya’s digital transactions were flagged as potential fraud during the first half of 2024, ranking the country 10th among 19 regions studied.
“In the first half of 2024, 4.6% of digital transactions involving Kenyan consumers were identified as suspected fraud, positioning Kenya 10th out of 19 countries and regions analyzed for digital fraud attempts.”
The study found widespread fraud attempts targeting Kenyan consumers, with 80% reporting exposure to scams through various digital channels including online platforms, email, phone, or text messages. However, only 8% of these attempts were successful.
Sectors Contributing to the Increased Online Fraud
According to Amritha Reddy, Senior Director of Fraud Solutions at TransUnion Africa, the highest fraud rates were concentrated in three sectors:
– Retail
– Gaming
– Community platforms (including dating sites and forums)
Globally, the communities sector faced the highest fraud risk at 11.5%, primarily due to users misrepresenting their profiles with false information and fake photos.
Recommended Tools To Strengthen Security
While fraud prevention technologies continue to advance, the report recommends businesses strengthen their security measures by implementing:
– Identity verification systems
– IP intelligence
– Device reputation monitoring
– Synthetic identity detection
These tools are becoming essential as fraudsters constantly develop new tactics to bypass existing security measures.
