Preventing fraud: a shared responsibility to strengthen trust

And as such, it should be considered a strategic asset, intangible yet essential. It is also important to emphasize this value among financial institutions and society: without trust, the system loses its legitimacy. And once broken, it is very difficult to rebuild.

Therefore, it is essential that we understand that the prevention of fraud and money laundering They are not just an operational task, but a shared responsibility between industry, governments and citizens, and they help us protect the integrity of entities, corporate reputation and, above all, the safety of people.
 

However, believe it or not, fraud continues to be at the heart of the relationship between citizens and their digital environment.
 

According to the last TransUnion Consumer Pulse reportTwo out of ten citizens have been targeted by fraud, and 7% have become victims. Despite these figures, even today, 35% of consumers surveyed take no protective measures against evidence of fraud, largely because they don't even know what they can or should do.

Anticipate to prevent crime

Informing and raising customer awareness is important, but it's even more crucial that organizations act responsibly to anticipate risks in an environment where they evolve rapidly and technology redefines the boundaries of what's possible. Every innovation, whether in artificial intelligence, data analytics, or other emerging technologies, opens new opportunities for businesses and society, but also creates new scenarios for criminals. In the face of this, acting responsibly is essential.

And taking action requires relying on accurate, ethical, and reliable information: that every piece of data counts, every alert translates into action, and every technological advance serves the common good. Technology, without purpose or values, can be an empty tool; but with them, it becomes a transformative force.

In this regard, it is also important to understand what fraud actually is in order to eliminate friction in the consumer experience when faced with false positives: it is estimated that up to two-thirds of sales transactions are incorrectly identified as false positives, with costs to companies approaching €400.000 billion, according to the report. “The E-Commerce Conundrum: Balancing False Declines and Fraud Prevention,” by Data Insights. And every euro lost to fraud implies €3,77 in expenses for banks, such as legal fees and recovery costs, according to sources. ABA Banking Journal.

Therefore, building a safer, more transparent, and fairer ecosystem, where protecting individuals and strengthening the financial system reinforce each other, is working for the common good. In fact, when managed rigorously and ethically, information is much more than a resource: it is the engine of responsible transformation. It allows us to move forward with purpose, have a positive impact, and contribute to the progress of society. Because a sound and reliable financial system not only protects customers but also drives economic development and strengthens social cohesion.

Fraud data is alarming

Fraud has a real impact on Spanish consumers, but also on financial institutions, according to the aforementioned TransUnion study.

On the one hand, 29% of Spaniards report having lost money to fraud in the last year (with a median loss of €962 in Spain); but that's not all: 48% abandoned a shopping cart due to suspected fraud, and 62% avoid using a website again if they've had an unsafe experience. In other words, fraud undermines the trust that sustains the system, and protecting it requires effective collaboration.

And, on the side of the entities, the TransUnion study shows how in 2024, fraud with synthetic identities reached an all-time high, reaching 2.800 billion euros in losses, mainly due to a strategic change by criminals, who are very aggressively taking advantage of exposed identity data and carrying out scams driven by AI, deepfakes and synthetic identities.

Analytics, essential for fraud prevention

Fortunately, advances in AI-based decision analytics offer important innovations that can help us predict fraud and stop it even before it happens.

Transforming data into risk signals, enabling more informed and agile decisions in the face of fraud, is fundamental and can be achieved in four areas. First, by identifying unusual patterns that deviate from expected behavior. Second, by uncovering hidden connections between suspicious requests. Third, by anticipating potential fraud based on historical patterns. And finally, by evaluating, recommending, and optimally and quickly adjusting the results to meet specific needs.

In short, we observe how, on the one hand, fraud is becoming more complex, requiring sophisticated and collaborative responses; and, on the other hand, consumers are still largely unaware of the true risk, which increases their vulnerability. But the impact of fraud goes beyond money: it erodes trust at a collective level. Therefore, collaboration between entities and the use of advanced analytics technologies are essential.

Only with a collective vision and a shared ethical commitment can we continue to chart the course toward a safer and more reliable future that will not be merely technological: it will be humane, ethical, and responsible. A future in which trust remains our most valuable asset, and where every action, large or small, contributes to strengthening it. Because protecting people and building trust in the system is not just an obligation: it must be a calling, the purpose that guides each of our decisions.

 

Lisette González,

Managing Director of TransUnion Spain