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hacker carrying out a cyber attack at computer According to TransUnion’s new research, suspected ghost broker was the top type of fraud in the insurance sector from Jan-May 2021. (Source: Shutterstock)

Fraud attempts targeting the financial services industry have spiked since the beginning of 2021, according to a new report from TransUnion. Compared to the last four months of 2020, the percentage of suspected global digital fraud attempts in financial services increased 149% during the first four months of this year.

In the U.S. specifically, financial services fraud attempts increased 109%, the global information and insights company said. The top type of fraud targeting financial services was true identity theft, which TransUnion defined as when a consumer uses a stolen identity to commit fraud, with the victim being a real person. For the insurance industry, suspected ghost broker fraud was the top type of fraud Transunion detected during the research period.

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