With contributions from fraud and identity experts, the report offers readers a unique and insightful perspective into the volumes of risky transactions occurring within different industries and the activities employed by fraudsters both in the UK and globally. Alongside this are observations and commentary on approaches and solutions that can counter these threats.

To pick over some of the key trends and themes identified, host Harriet Sloan (Head of Fraud Analytics at TransUnion UK) sits down with Tony Sales (Co-Founder and Head of Innovation at We Fight Fraud) and** Nick Dumonde (Head of Market Strategy – Insurance at TransUnion UK).**

Tony - formerly ‘Britain's greatest fraudster’ - is a leading authority on social engineering, fraud and cybercrime and offers a unique perspective into the world of fraud and scam prevention. He has seen how criminals have moved from targeting businesses to consumers and the influence economic conditions have had on vulnerable consumers. Topics covered include the black market for ghost broking and insurance fraud, the danger money muling poses to the financially vulnerable, the importance of effectively educating consumers to spot scams and the threats posed and solutions offered by emerging technology including artificial intelligence.

References:

• The '40% of all crime is fraud' quoted by Tony Sales is cited from numerous sources including https://thefintechtimes.com/which-recommends-a-fraud-minister-to-tackle-40-of-uk-crime-fraud/

In this episode Gareth Howell, Head of Data Solutions at TransUnion in the UK, talks with Helen Lord, CEO of the Vulnerability Registration Service (VRS) about the power of new types of consumer insights, the evolution of the data ecosystem and the regulatory drive to improve customer outcomes.

A non-profit organisation, VRS was established in 2016 and allows individuals with different vulnerability types (both financial and non-financial) to self-register issues such as financial vulnerability (for example an ‘unpaid carer’ flag), physical disabilities or addictions (including drugs and gambling), and appends that information to files with actions, such as requesting lenders decline them for credit, or informing a provider that they need more support for access to products or services (circumstances in this scenario could include impaired sight or hearing).

Gareth and Helen discuss why understanding behaviours and vulnerabilities that are typically ‘unseen’ when making credit decisions has the potential to create better outcomes for consumers and businesses, and walk through how this can be turned into reality.

We close with Gareth signposting his keynote at Credit Week (June 17-19, 2024). Credit Week is a key event for industry leaders to come together and discuss their latest challenges and emerging topics, shape opinion, and share and learn from best practice examples. The agenda’s focus on consumer vulnerability aligns with innovative work TransUnion are doing with data, product development and consultancy work, and more broadly our commitment to using data and insights to drive financial inclusion and consumer empowerment.

Further reading:
[* A Compelling Human and Economic Case for Transforming How We Understand Consumer Vulnerability

* Open Banking: Unlock the Potential of Your 2024 Customer Strategy

In this session, recorded at the TransUnion Summit 2023, Sam Welch (Commercial Banking Director, TransUnion) asks industry leaders from different sectors: How big is the gap between potential and reality, and what more can be done to get to know customers better?

Sam poses a set of questions on key topics to our panel of financial services SMEs, and elicits authentic insights on key challenges around an effective data strategy, how to design an advance customer experience and changing consumer attitudes and economic behaviour.

Panel chair:

• Sam Welch, Commercial Banking Director, TransUnion

Panel:

• Ranil Boteju is Chief Data & Analytics Officer, Lloyds Banking Group
• Desmond McNamara, CRO, Zilch
• Darren Kelk, MD, Ascendant Solutions
• Stuart Daniels, Chief Credit Officer, FGH

Interested in cutting-edge FS solutions that can help improve customer outcomes and business performance? TransUnion have published a guide on new use cases for Open Banking and an overview on how TransUnion and Bud are building the next generation of Open Banking solutions. To get your copy, head over to our landing page.