TransUnion Zambia today released findings from its Q1 2026 Consumer Pulse Survey, revealing a Zambian market in transition. Income confidence has climbed notably year-on-year, yet many households continue to navigate cost-of-living pressure, constrained credit access and a high level of digital fraud exposure.

Four in ten Zambians (40%) reported earning more than they did a year ago¹, up from 34% in 2025. Looking ahead, 84% of consumers expect their income to grow in the next 12 months, a modest gain on last year (82%) that points to a broadly optimistic outlook for the Zambian economy.

"Zambian consumers are demonstrating a more intentional and disciplined approach to managing their finances, moving beyond short-term, reactive adjustments toward sustained financial planning and budgeting. This reflects a growing focus on affordability and long-term financial resilience," said Mildred Stephenson, chief executive officer of TransUnion Zambia.

Household Incomes Improved, but Pressure Remains

Household income trends over the past three months present a more balanced picture than in 2025. Alongside the rise in consumers reporting higher earnings, the share of consumers reporting no change in income fell from 38% to 31%, and the number of consumers reporting a decline in income remained stable (29% in both years), pointing to early signs of stabilisation after a sustained period of economic pressure.

Even so, many households continue to actively manage their financial commitments. More than a third (37%) of consumers expect they won't be able to pay at least one bill or loan in full. To manage these commitments, 45% have taken on temporary or gig-based work, 42% are paying only partial amounts they can afford, 29% are borrowing from friends or family and 26% are drawing on savings. Discipline on spending remains firm: 54% cut discretionary spending in the past three months, with 68% reducing dining out, 46% scaling back travel and 41% spending less on entertainment.

"The continued reliance on these coping mechanisms highlights ongoing liquidity pressure and demonstrates that many households continue to deploy multiple strategies to manage changing financial conditions, even as their confidence in longer-term earnings strengthens," Stephenson said.

Zambians Choose Credit to Support Essential Spending

Demand for credit remains resilient. Overall, 41% of consumers plan to apply for new credit or refinance existing credit within the next year, with younger adults the most likely to do so. Among those intending to borrow, interest concentrates on essentials that support mobility and opportunity: 45% plan to seek a personal loan, 19% student financing and 13% car finance.

Converting that intent into approved credit remains difficult. More than half (55%) of consumers who considered applying ultimately decided not to proceed, citing the high cost of credit (30%), concerns their income may reduce approval (29%) and doubts that refinancing would deliver meaningful savings (21%). These barriers are largely unchanged from 2025.

"Collectively, these findings reveal a continued disconnect between the importance consumers place on access to credit and their confidence in navigating the credit system. While demand remains strong, concerns about affordability, approval likelihood and the perceived benefits of refinancing continue to discourage many Zambians from moving forward," Stephenson noted.

Digital Fraud Remains a Concern

As more Zambians transact online, fraud exposure remains high. More than eight in ten (81%) consumers reported being targeted by at least one digital fraud attempt in the three months preceding the survey, in line with 2025. Money and gift card scams, smishing, phishing and vishing ranked among the most common threats, alongside fraudulent seller activity on online platforms.

In response to cybersecurity concerns, 67% updated their passwords and 42% added stronger login protections such as multifactor authentication in the 60 days before the survey. However, 17% took no action at all: of that group, 71% were unsure what steps to take and 21% felt overwhelmed by the volume of cybersecurity information available.

"This mix of high engagement related to personal identity protection on one end and hesitation on the other reflects the ongoing need for simple, accessible tools and education. As threats become more sophisticated, financial institutions have an important role to play in helping consumers understand the steps they can take to protect themselves from fraud, while continuing to strengthen overall digital security across the ecosystem," Stephenson said.

¹ The 2025 Consumer Pulse Survey was conducted in Q2 2025, while the 2026 survey was conducted in Q1 of this year.

Rwanda has established itself as one of Africa’s leading digital economies, underpinned by strong economic growth, widespread mobile money adoption and increasing participation in formal financial services. As the country enters its next phase of development, the challenge is no longer simply extending access but ensuring that inclusion translates into meaningful economic opportunity for households, entrepreneurs and businesses.

New findings from TransUnion’s Q1 2026 Consumer Pulse Study (CPS) indicate that Rwandan consumers remain optimistic about their financial futures while highlighting a growing need for broader access to credit and lending products that can help them move from financial participation to financial empowerment.

Nearly four in five consumers (76%) expect their income to increase over the next 12 months, while a further 16% expect it to remain unchanged. Together, these findings suggest a population that remains confident in Rwanda's economic trajectory while taking a pragmatic approach to managing ongoing financial pressures.

At the same time, household budgets remain under strain. Half of respondents (50%) said they expect to be unable to pay at least one current bill or loan in full, with many planning to manage these challenges through partial payments, savings or temporary additional work. Rather than pointing to declining confidence, these behaviours reflect resilience and disciplined financial decision-making as consumers adapt to changing economic conditions.

More than a third of consumers (34%) also reported reducing discretionary spending in recent months, while others continued to prioritise spending on digital services and selected lifestyle categories. These trends suggest that many households are managing carefully while remaining engaged in Rwanda’s increasingly digital economy.

“Rwanda has made remarkable progress in expanding financial inclusion and digital participation,” said Didier Mutabazi, Chief Executive Officer of TransUnion Rwanda. “Financial inclusion is not a single milestone. It is a journey. The next step is helping more consumers move from basic financial access to the products and opportunities that support entrepreneurship, asset ownership and long-term financial resilience.”

Expanding Access to Credit Can Unlock Greater Economic Opportunity

Access to credit and lending products remain one of the clearest indicators of consumers’ financial aspirations. The CPS data highlights an opportunity to expand access to credit and lending products that support consumer financial goals. While nearly all consumers (98%) say credit is important to achieving their financial goals, only 42% believe they have sufficient access to the products they need. This gap suggests that although demand is strong, barriers such as affordability, eligibility, limited financials visibility and product suitability continue to hinder access.

Personal loans and student loans emerged among the most sought-after products, highlighting demand for solutions that support both immediate needs and long-term advancement.

The findings suggest Rwanda’s financial inclusion journey is entering a new phase. While participation in formal financial services continues to expand, consumers are signalling a need for broader access to the financial products that support long-term economic advancement. Financial inclusion is no longer simply about access to transactional services or short-term credit. Increasingly, it is about enabling consumers and entrepreneurs to access the financing, visibility and trust needed to invest in education, grow businesses, acquire assets and participate more fully in Rwanda’s economic future.

“Our latest report highlights that consumers understand the value of credit and are actively looking for ways to improve their financial futures,” said Mutabazi. “This creates a new agenda for the ecosystem, one focused on improving credit visibility, strengthening digital trust, enabling smarter decision-making and building the partnerships required to scale inclusive growth responsibly.”

Trust Remains Essential to Financial Inclusion

The report highlights the importance of building a trusted financial ecosystem where consumers can engage confidently, access services more easily and participate fully in the opportunities created by Rwanda's digital economy.

“Trust is a fundamental part of a healthy and inclusive financial ecosystem,” said Mutabazi. “As digital participation grows, consumers, businesses and institutions must continue working together to strengthen confidence, reduce friction and ensure people can engage safely in the digital economy.”

The findings reinforce Rwanda’s progress as a leading digital economy while highlighting the next step in its financial inclusion journey. The opportunity is clear but will require the full financial ecosystem to help more consumers advance from access to financial capability and economic participation. By driving broader use of trusted data, responsible lending and the expansion of products that support scalable growth across business and the everyday citizen – the Rwanda financial inclusion trajectory is possible.

The TransUnion Rwanda Consumer Pulse Survey of 259 adults aged 18 years and older was conducted between 10 February and 9 March 2026.

TransUnion analysis found that 1.1% of transaction attempts^[1] involving consumers in Zambia in 2025 were suspected of digital fraud, well below the global average of 3.8%. Despite the year-over-year (YoY) decline in suspected digital fraud, fraudsters continue to adapt, turning to high-trust, scam-based tactics that can bypass traditional safeguards.

While overall suspected digital fraud rates remain comparatively low, the consumer impact remains meaningful^[2]. Among Zambian consumers surveyed by TransUnion who reported losing money to digital fraud in the past year (defined in the survey as email, online, phone call and text message scams), the median reported loss was ZMW 8,198. This is the lowest among the African countries studied.

These are among the findings in the TransUnion H1 2026 Update: Top Fraud Trends report, which blends insights from a TransUnion consumer survey and its global intelligence network to track how fraud patterns are shifting across markets and digital channels.

“Zambia remains a lower‑to‑mid fraud risk market within Africa, reflecting growing but uneven digital adoption across banking, mobile payments, ecommerce and public services,” said Amritha Reddy, senior director of fraud product management at TransUnion Africa. “However, Zambia is entering a phase where fraud risk begins to rise alongside financial inclusion, rather than remaining opportunistic or isolated.”

“Global trends show that fraud does not wait for full digital maturity,” she added. “It emerges early as trust in mobile and financial systems grows faster than identity, authentication and oversight controls. Zambia still has time, but the signals show that risk is building.”

Third-Party Seller Scams Emerge as the Top Driver of Consumer-Reported Fraud Losses in Zambia

Zambian consumers are increasingly facing coordinated, identity-driven and cross-channel fraud with attacks moving deeper into everyday digital interactions.

Among Zambians who reported losing money to digital fraud over the past year, one third (33%) said third-party seller scams on legitimate ecommerce sites were responsible. This indicates that losses are not occurring in obviously unsafe environments, but within credible, familiar and trusted spaces.

“Even in a lower risk market like Zambia, fraudsters are prioritising mainstream platforms that appear familiar and legitimate,” Reddy said. “This mirrors global fraud patterns, even though absolute loss values remain lower.”

Chart 1: Most Prominent Cause of Consumer-Reported Fraud Loss in Zambia – 2025

Source: TransUnion consumer survey

Digital Fraud Risk is Highest at Account Creation in Zambia

Even when overall suspected fraud rates appear lower than 2024, risk can remain elevated at specific points in the digital consumer lifecycle, particularly where criminals attempt to create or manipulate identities.

In 2025, Zambia recorded its highest suspected digital fraud rate across the consumer lifecycle at account creation (13.7%), the highest rate among the African countries studied, and well above the global average of 8.3%. This was followed by account login (0.7%) and during financial transactions (0.3%).

“Zambia’s fraud profile reflects an early stage of digital growth, where onboarding and identity creation are currently the most exposed points,” Reddy said. “Experience from other markets shows that failure to strengthen protection early on often sees rapid escalation of login-based fraud later. Strengthening identity verification and early-stage controls now can materially reduce downstream fraud risk later,” she added.

Zambians Accept Some Friction if They’re Protected from Fraud

Findings from the TransUnion survey also show that the top features Zambian consumers value when choosing whom to transact with online are confidence that their personal data is secure (95% rated this as very important), easy payment processes (89%), and ease of filling out forms and applications (82%).

“Consumers are clearly willing to accept friction when it is linked to protection,” Reddy said. “Security in Zambia is evolving beyond compliance and emerging as a key driver of trust and brand, not just compliance.”

Retail Transactions Show the Highest Suspected Digital Fraud Risk Among Sectors Analysed

Across Africa, suspected digital fraud risk varies by industry. In Zambia, retail transactions recorded the highest suspected digital fraud rate in 2025 at 2.8%. As more services converge around mobile identity, real‑time connectivity and platform‑based interactions, fraud increasingly appears wherever users are most active and not only where money changes hands.

“Zambia has entered an advanced fraud phase where criminals exploit trust rather than technical weaknesses,” she added. “This reinforces the importance of protecting identity and access points early.”

Chart 2: Top Three Sectors Experiencing Suspected Digital Fraud Attempts from Zambia

Source: TransUnion global intelligence network

What Consumers and Businesses Can Do

As fraud tactics evolve, consumers can help reduce risk by safeguarding personal information, remaining cautious with unsolicited calls and messages, and regularly reviewing their credit information for suspicious activity.

Zambia benefits from active government and regulatory engagement in financial oversight, consumer protection and digital governance. Global experience shows that markets which align financial inclusion with early regulatory frameworks are better positioned to prevent fraud from scaling as adoption increases.

“Zambia is not facing a fraud crisis, but it is clearly a market in transition,” Reddy said. “Fraud risk is evolving alongside digital inclusion, formalisation and growing consumer trust. These patterns closely resemble the early stages observed in other markets that later experienced rapid fraud growth.

“For organisations and institutions operating in Zambia, there is a clear opportunity to act early,” she added. “Strengthening onboarding, mobile identity and cross‑channel protections in collaboration with regulators can support inclusive, trusted, and sustainable digital growth, while helping to maintain fraud prevention as Zambia’s digital ecosystem continues to mature.”

TransUnion’s insights are based on a global survey of 12,730 consumers in 18 countries and regions, conducted between Nov. 20–Dec. 9, 2025, alongside intelligence from its suite of TransUnion fraud prevention solutions. To learn more about how TransUnion fraud prevention solutions can help businesses avoid fraud and prevent fraud losses, click here. 

Specific country and regional data in the report includes Zambia, Botswana, Brazil, Canada, Chile, Colombia, Costa Rica, the Dominican Republic, El Salvador, Guatemala, Honduras, Hong Kong, India, Kenya, Mexico, Namibia, Nicaragua, the Philippines, Puerto Rico, Rwanda, South Africa, Spain, the United Kingdom, and the United States. Download the TransUnion H1 2026 Update to the Top Fraud Trends Report for more information and insights about the global fraud trends.

^[1] Suspected digital fraud attempts reflects those which TransUnion clients determined met one of the following conditions: 1) denial in real time due to fraudulent indicators, 2) denial in real time for corporate policy violations, 3) fraudulent upon client investigation, or 4) a corporate policy violation upon client investigation. The country and regional analyses examined transactions in which the consumer or suspected fraudster was located in a select country or region when conducting a transaction. Global statistics represent every country worldwide and not just the select countries and regions.

^[2] TransUnion surveyed 365 consumers in Zambia from Nov. 21 to Dec. 8, 2025. 

TransUnion research found that 1.6% of transaction attempts^[1] involving consumers in Rwanda in 2025 were suspected of digital fraud, down from 2.7% the previous year and well below the global average of 3.8%. Despite the year-over-year (YoY) decline in suspected digital fraud from Rwanda and globally, fraudsters continue to adapt, turning to high-trust, scam-based tactics that can bypass traditional safeguards.

While overall suspected digital fraud rates remain comparatively low, the consumer impact remains meaningful. Among Rwandan consumers surveyed^[2] by TransUnion who reported losing money to digital fraud in the past year (defined in the survey as email, online, phone call and text message scams), the median reported loss was RWF 869,249. This is lower than the figures reported in Kenya and South Africa among the countries studied.

These are among the findings in the TransUnion H1 2026 Update: Top Fraud Trends report, which blends insights from a TransUnion consumer survey and its global intelligence network to track how fraud patterns are shifting across markets and digital channels.

“Despite recording lower digital fraud rates than global and regional averages, Rwanda is experiencing a structural change in fraud risk,” said Amritha Reddy, senior director of fraud product management at TransUnion Africa. “Criminals are moving upstream, targeting identity and trust at the point of access rather than transactions, and exploiting early moments where verification is still forming.”

Within this context, Rwanda’s investment in Digital Public Infrastructure under Vision 2050 is anchored by the National Identification Agency’s (NIDA) implementation of a new digital identification number. This initiative is expected to strengthen eKYC, support digital service delivery and improve trusted onboarding across the economy.

Money Mule Scams Lead Consumer-Reported Fraud Losses in Rwanda

Rwandan consumers are increasingly facing coordinated, identity-driven and cross-channel attacks like those seen in mature digital economies, with fraud moving deeper into everyday digital interactions.

Amongst Rwandans who reported losing money to digital fraud over the past year, nearly three in ten (29%) said money mule scams were responsible.

“Money mules often are the bridge between consumer fraud and broader financial crime,” said Reddy. “Many are unknowingly recruited through social engineering, enabling criminals to move stolen funds while avoiding detection. As these activities scale, isolated scams evolve into wider systemic risks, underscoring that fraud in Rwanda is no longer just a consumer issue.”

Chart 1: Most Prominent Cause of Consumer-Reported Fraud Loss in Rwanda – 2025

Source: TransUnion consumer survey

Digital Fraud Risk is Highest at Account Creation in Rwanda

Even when overall suspected fraud rates appear lower than 2024, risk can remain elevated at specific points in the digital consumer lifecycle, particularly where criminals attempt to create or manipulate identities. In 2025, Rwanda recorded its highest suspected digital fraud rate in the consumer lifecycle at account creation (7.7%), followed by account login (1.6%) and during financial transactions (0.5%).

“The report highlights a critical shift: the highest fraud risk in Rwanda now occurs before the first transaction,” said Reddy. “Rather than attacking systems directly, fraudsters increasingly impersonate legitimate users, blending into digital ecosystems designed for speed, inclusion and convenience. Once a compromised identity is onboarded, downstream fraud becomes significantly more complex and costly to prevent. This reflects a broader global pattern where fraud is no longer forceful, it is subtle, adaptive and difficult to see.”

Rwandans Prioritise Increased Safety Over Frictionless Experiences if Protected from Fraud

Findings from the TransUnion survey also show that the top features Rwandan consumers value when choosing whom to transact with online are an easy payment process (73% rated this as very important), confidence that their personal data is secure (70%), and ease of filling out forms and applications (64%).

“Consumers are willing to accept friction when it clearly enhances protection,” Reddy said. “Security in Rwanda is evolving beyond compliance and emerging as a key driver of brand trust and differentiation.”

Retail Transactions Show the Highest Suspected Digital Fraud Risk Among Sectors Analysed

Across Africa, suspected digital fraud risk varies by industry. For transactions involving Rwandan consumers, retail recorded the highest suspected digital fraud rate in 2025, at 7.1%.

As more services converge around mobile identity, real‑time connectivity and platform‑based interactions, fraud increasingly appears wherever users are active. As digital commerce grows, fraud is increasingly concentrated in environments where new trust relationships form quickly, including online marketplaces.

“This concentration of risk underscores the importance of stronger identity assurance across digital marketplaces,” Reddy said. “Protecting consumers also support legitimate merchants and help grow confidence in ecommerce platform safety.”

Chart 2: Top Three Sectors Experiencing Suspected Digital Fraud Attempts from Rwanda

Source: TransUnion global intelligence network

What Consumers and Businesses Can Do

As fraud tactics evolve, consumers can help reduce risk by safeguarding personal information, being cautious with unsolicited calls and messages and regularly reviewing their credit information for suspicious activity.

Rwanda benefits from a robust regulatory and cybercrime framework, which has helped keep fraud rates comparatively low even as attack intensity increases. Importantly, declining fraud rates do not indicate a diminishing threat. Instead, they reflect better detection, improving controls and shifting criminal tactics.

“Fraud is becoming more automated, more targeted and more psychologically manipulative, a trend accelerated by advances in artificial intelligence and digital scale. This evolution requires continuous fraud detection adaptation rather than static controls,” Reddy said.

“The central challenge ahead is no longer simply preventing fraud but preserving trust in the digital economy. Trust determines whether consumers continue to transact digitally, businesses can grow and convert customers, and confidence in Rwanda’s digital future is sustained. Fraud will always exist online, but trust doesn’t have to suffer. Rwanda’s next stage of digital growth depends on security and convenience online moving forward together,” she concluded.

TransUnion’s insights are based on a global survey of 12,730 consumers in 18 countries and regions, conducted between Nov. 20–Dec. 9, 2025, alongside intelligence from its suite of TransUnion fraud prevention solutions. To learn more about how TransUnion fraud prevention solutions can help businesses avoid fraud and prevent fraud losses, click here.

Specific country and regional data in the report includes Rwanda, Botswana, Brazil, Canada, Chile, Colombia, Costa Rica, the Dominican Republic, El Salvador, Guatemala, Honduras, Hong Kong, India, Kenya, Mexico, Namibia, Nicaragua, the Philippines, Puerto Rico, South Africa, Spain, the United Kingdom, the United States and Zambia. Download the TransUnion H1 2026 Update to the Top Fraud Trends Report for more information and insights about the global fraud trends.

^[1] Suspected digital fraud attempts reflects those which TransUnion clients determined met one of the following conditions: 1) denial in real time due to fraudulent indicators, 2) denial in real time for corporate policy violations, 3) fraudulent upon client investigation, or 4) a corporate policy violation upon client investigation. The country and regional analyses examined transactions in which the consumer or suspected fraudster was located in a select country or region when conducting a transaction. Global statistics represent every country worldwide and not just the select countries and regions.

^[2] TransUnion surveyed 308 consumers in Rwanda from Nov. 24 to Dec. 9, 2025. 

TransUnion research found that 1.2% of transaction attempts^[1] involving consumers in Namibia in 2025 were suspected of digital fraud, well below the global average of 3.8%. Despite the year-over-year (YoY) decline in suspected digital fraud from Namibia and globally, fraudsters continue to adapt, turning to high-trust, scam-based tactics that can bypass traditional safeguards.

While overall suspected digital fraud rates remain comparatively low, the consumer impact remains meaningful. Among Namibian consumers surveyed^[2] by TransUnion who reported losing money to digital fraud in the past year (defined in the survey as email, online, phone call and text message scams), the median reported loss was NAD 7,726.

These are among the findings in the TransUnion H1 2026 Update: Top Fraud Trends report, which blends insights from a TransUnion consumer survey and its global intelligence network to track how fraud patterns are shifting across markets and digital channels.

“Global fraud trends show a clear pattern: as digital adoption accelerates, fraud evolves first through social engineering and trust exploitation before scaling into identity-driven account takeover and cross channel attacks,” said Amritha Reddy, senior director of fraud product management at TransUnion Africa. “Namibia sits squarely at this early transition point. While it remains one of the lower-risk markets among the African countries analysed, global experience shows this stage is temporary.”

“In this context, the strategic advantage Namibia has is time,” she added. “The signals seen in global markets today provide a clear roadmap for how fraud is likely to evolve next.”

Third-Party Seller Scams Drive Consumer-Reported Fraud Losses in Namibia

Namibian consumers are increasingly facing coordinated, identity-driven and cross-channel fraud, with attacks moving deeper into everyday digital interactions.

Among Namibians who reported losing money to digital fraud over the past year, more than one third (35%) said third-party seller scams on legitimate ecommerce sites were responsible for the loss. This indicates that losses are not occurring in obviously unsafe environments, but rather within credible, familiar and trusted digital spaces.

“Even in a lower-risk market like Namibia, fraudsters are prioritising mainstream platforms that consumers trust,” Reddy said. “This mirrors global fraud patterns, even if overall loss values remain lower.”

Chart 1: Most Prominent Cause of Consumer-Reported Fraud Loss in Namibia – 2025

Source: TransUnion consumer survey

Digital Fraud Risk is Highest at Account Creation in Namibia

Even when overall suspected fraud rates appear lower than 2024, risk can remain elevated at specific points in the digital consumer lifecycle, particularly where criminals attempt to create or manipulate identities. In 2025, the highest suspected digital fraud rate in Namibia in the consumer lifecycle occurred at account creation (2.8%), followed by account login (1.4%) and during financial transactions (0.2%).

“This profile aligns strongly with early-stage fraud markets globally,” Reddy said. “Markets that fail to strengthen fraud prevention at onboarding early tend to experience rapid escalation of login-based fraud later. Namibia therefore has a critical opportunity to reinforce identity verification and behavioural intelligence now, before fraud becomes systemic.”

Namibians Accept Some Friction if They’re Protected from Fraud

Findings from the TransUnion survey also show that the top features Namibian consumers value when choosing whom to transact with online are confidence that their personal data is secure (89% rated this as very important), easy payment processes (81%) and ease of login or authentication (76%).

“Consumers are willing to accept friction when it clearly enhances protection,” Reddy added. “Security in Namibia is increasingly becoming a driver of brand trust and differentiation, not just regulatory compliance.”

Gaming Transactions Show the Highest Suspected Digital Fraud Risk Among Sectors Analysed

Across Africa, suspected digital fraud risk varies by industry, reflecting local user behaviours and where criminals see opportunity. For attempted transactions involving consumers in Namibia, gaming (online sports betting, poker, etc.) transactions recorded the highest suspected digital fraud attempt rate in 2025, at 4.5%.

As more services converge around mobile identity, real‑time connectivity and platform‑based interactions, fraud increasingly appears wherever users are most active; not only where money changes hands.

“High-engagement platforms such as gaming often act as early testing grounds for new fraud tactics,” Reddy said. “In Namibia’s digital economy, fraud doesn’t stay in silos. It moves wherever trust and engagement already exist.”

Chart 2: Top Three Sectors Experiencing Suspected Digital Fraud Attempts from Namibia

Source: TransUnion global intelligence network

What Consumers and Businesses Can Do

As fraud tactics evolve, consumers can help reduce risk by safeguarding personal information, remaining cautious of unsolicited calls and messages, and regularly reviewing their credit information for suspicious activity.

Namibia’s fraud landscape today reflects an early stage, trust-based digital economy, consistent with what was seen in global markets before fraud risk scaled materially. While current fraud rates remain relatively low in Namibia, the underlying signals of trust-based scams, onboarding pressure and growing digital reliance closely mirror the precursors to higher fraud rates observed globally.

“Waiting for fraud to scale is the most expensive strategy,” Reddy said. “Organisations that invest early in strong identity assurance, right-sized onboarding friction and cross-channel protection will be best positioned to enable secure digital growth and avoid the fraud challenges seen globally.”

TransUnion’s insights are based on a global survey of 12,730 consumers in 18 countries and regions, conducted between Nov. 20–Dec. 9, 2025, alongside intelligence from its suite of TransUnion fraud prevention solutions. To learn more about how TransUnion fraud prevention solutions can help businesses avoid fraud and prevent fraud losses, click here.

Specific country and regional data in the report includes Namibia, Botswana, Brazil, Canada, Chile, Colombia, Costa Rica, the Dominican Republic, El Salvador, Guatemala, Honduras, Hong Kong, India, Kenya, Mexico, Nicaragua, the Philippines, Puerto Rico, Rwanda, South Africa, Spain, the United Kingdom, the United States and Zambia. Download the TransUnion H1 2026 Update to the Top Fraud Trends Report for more information and insights about the global fraud trends.

^[1] Suspected digital fraud attempts reflects those which TransUnion clients determined met one of the following conditions: 1) denial in real time due to fraudulent indicators, 2) denial in real time for corporate policy violations, 3) fraudulent upon client investigation, or 4) a corporate policy violation upon client investigation. The country and regional analyses examined transactions in which the consumer or suspected fraudster was located in a select country or region when conducting a transaction. Global statistics represent every country worldwide and not just the select countries and regions.

^[2] TransUnion surveyed 308 consumers in Namibia from Nov. 23 to Dec. 8, 2025. 

TransUnion research found that 2.3% of transaction attempts^[1] involving consumers in Kenya in 2025 were suspected of digital fraud, slightly below the global average of 3.8% but the second highest among the African countries analysed after South Africa. Despite the year-over-year (YoY) decline in suspected digital fraud from Kenya and globally, fraudsters continue to adapt, turning to high-trust, scam-based tactics that can bypass traditional safeguards.

While overall suspected digital fraud rates remain comparatively low, the consumer impact remains meaningful. Among Kenyan consumers surveyed^[2] by TransUnion who reported losing money to digital fraud in the past year (defined in the survey as email, online, phone call and text message scams), the median reported loss was KES 108,132. This is the highest among African countries assessed.

These are among the findings in the TransUnion H1 2026 Update: Top Fraud Trends report, which blends insights from a TransUnion consumer survey and its global intelligence network to track how fraud patterns are shifting across markets and digital channels.

“Kenya is emerging as one of Africa’s fastest-growing digital economies and global experience shows that the markets that scale fastest are also the first to encounter sophisticated, identity-driven fraud at scale,” said Amritha Reddy, senior director of fraud product management at TransUnion Africa. “As mobile device usage, real-time payments and high frequency digital transactions continue to grow, fraudsters actively search for new opportunities.”

Third-Party Seller Scams Emerge as the Top Driver of Consumer-Reported Fraud Losses in Kenya

Kenyan consumers are increasingly facing coordinated, identity-driven and cross-channel fraud, similar to patterns seen in mature digital economies, with fraud moving deeper into everyday digital interactions.

Among Kenyans who reported losing money to digital fraud over the past year, nearly four in ten (39%) said third-party seller scams on legitimate ecommerce sites were responsible for the loss. This indicates that losses are not occurring in obviously risky environments, but within credible, familiar and trusted platforms where fraudsters successfully embed themselves.

As noted above, Kenyan consumers reported the highest median digital fraud loss among the African countries analysed, indicating that fraud in the region is no longer marginal. Rather, it is material and increasingly widespread. Unlike fringe scam activity, losses are now often linked to everyday digital interactions, where speed, familiarity and routine reduce opportunities to pause or verify.

“Fraud tends to do the most damage in places where people already rely heavily on digital services, not just where those services are new,” Reddy said. “In Kenya, mitigating against fraud risks is now part of everyday digital activity.”

Chart 1: Most Prominent Cause of Consumer-Reported Fraud Loss in Kenya – 2025

Source: TransUnion consumer survey

Digital Fraud Risk is Highest at Account Creation in Kenya

Even when overall suspected fraud rates appear lower than 2024, risk can remain elevated at specific points in the digital consumer lifecycle, particularly where criminals attempt to create or manipulate identities. In 2025, the highest suspected digital fraud rate in the consumer lifecycle in Kenya occurred at account creation (4.5%), followed by account login (2.2%) and during financial transactions (0.9%).

“While onboarding controls remain important, fraud pressure in Kenya is increasingly visible at access points,” Reddy explained. “In mobile first markets, this shift happens faster and with greater financial impact. The next fraud battle won’t be fought at onboarding – it will be at re-entry.”

Kenyans Accept Some Friction If They’re Protected from Fraud

Findings from the TransUnion survey also show that Kenyan consumers ranked the most important features when choosing whom to transact with online as confidence that their personal data is secure (88% rated this as very important), an easy payment process (87%), and ease of login or authentication (79%).

“The fact that security is the top reported feature shows that consumers are willing to accept friction when completing digital transactions, provided it’s clearly linked to protection,” Reddy said. “As a result, security in Kenya is evolving beyond compliance and emerging as a key driver of brand trust and differentiation.”

Online Gaming-Related Transactions Show the Highest Suspected Digital Fraud Risk Among Sectors Analysed

Across Africa, suspected digital fraud risk varies by industry, reflecting local user behaviours and where criminals see opportunity. For attempted transactions involving consumers in Kenya, online gaming-related transactions (online sports betting, poker, etc.) recorded the highest suspected digital fraud attempt rate in 2025, at 15.6%.

As more services converge around mobile identity, real‑time connectivity and platform‑based interactions, fraud increasingly appears wherever users are most active; not only where money changes hands.

“Online gaming platforms often act as early testing grounds for new fraud tactics,” said Reddy. “In Kenya’s connected digital economy, fraud doesn’t stay in silos. It moves wherever trust and engagement already exist.”

Chart 2: Suspected Digital Fraud Attempts from Kenya, by Sector

Source: TransUnion global intelligence network

What Consumers and Businesses Can Do

As fraud tactics evolve, consumers can help reduce risk by safeguarding personal information, remaining cautious of unsolicited calls and messages and regularly reviewing their credit information for suspicious activity.

For organisations, the data reinforces that fraud strategies must extend beyond compliance to actively protect trust across the entire consumer lifecycle-particularly at onboarding and account creation, where criminals attempt to exploit established relationships through scams and impersonation.

Kenya has transitioned from reactive fraud controls to proactive intervention, particularly across mobile money, digital identity and cybercrime. The policy direction is clear: trust, accountability and system-wide collaboration are emerging as foundational pillars of the country’s digital economy defence.

“Kenya offers a preview of what lies ahead for mobile-first economies globally,” Reddy concluded. “Protecting identity and trust is no longer optional as unmanaged fraud increasingly places digital success at risk.”

TransUnion’s insights are based on a global survey of 12,730 consumers in 18 countries and regions, conducted between Nov. 20–Dec. 9, 2025, alongside intelligence from its suite of TransUnion fraud prevention solutions. To learn more about how TransUnion fraud prevention solutions can help businesses avoid fraud and prevent fraud losses, click here.

Specific country and regional data in the report includes Kenya, Botswana, Brazil, Canada, Chile, Colombia, Costa Rica, the Dominican Republic, El Salvador, Guatemala, Honduras, Hong Kong, India, Mexico, Namibia, Nicaragua, the Philippines, Puerto Rico, Rwanda, South Africa, Spain, the United Kingdom, the United States and Zambia. Download the TransUnion H1 2026 Update to the Top Fraud Trends Report for more information and insights about the global fraud trends.

^[1] Suspected digital fraud attempts reflects those which TransUnion clients determined met one of the following conditions: 1) denial in real time due to fraudulent indicators, 2) denial in real time for corporate policy violations, 3) fraudulent upon client investigation, or 4) a corporate policy violation upon client investigation. The country and regional analyses examined transactions in which the consumer or suspected fraudster was located in a select country or region when conducting a transaction. Global statistics represent every country worldwide and not just the select countries and regions.

^[2] TransUnion surveyed 495 consumers in Kenya from Nov. 20 to Dec. 5, 2025. 

TransUnion’s research found that 0.9% of transaction attempts^[1] involving consumers in Botswana in 2025 were suspected to be digital fraud. This is below the global average of 3.8% and represents the lowest rate among the African countries analysed. Despite the year-over-year (YoY) decline in suspected digital fraud from Botswana and globally, fraudsters continue to adapt by turning to high-trust, scam-based tactics that can bypass traditional safeguards.

These are among the findings in the TransUnion H1 2026 Update: Top Fraud Trends report, which draws insights from its global intelligence network to track how fraud patterns are shifting across markets and digital channels.

“Botswana has not experienced widespread fraud, but the nature of fraud risk is beginning to shift,” said Amritha Reddy, senior director of fraud product management at TransUnion Africa. “As digital services become more formal and widely trusted, fraudsters are increasingly targeting these environments. This is a natural stage of digital growth and highlights the need to strengthen protections as confidence in digital services expand.”

Digital Fraud Risk is Highest at Account Creation in Botswana

Even when overall suspected fraud rates appear lower compared to 2024, risk can remain elevated at specific points in the digital consumer lifecycle, particularly where criminals attempt to create or manipulate identities. In Botswana, the highest rate of suspected digital fraud in 2025 across the consumer lifecycle occurred at account creation (2.6%), followed by account login (0.8%) and during financial transactions (0.5%).

Botswana’s fraud profile reflects an early- to mid‑stage digital market where onboarding and account creation remain the primary points of exposure. This mirrors broader global and Africa‑wide trends in markets where digital identity systems are still evolving.

“Experience from other countries shows that this phase does not last indefinitely,” Reddy explained. “As consumers build longer term digital relationships with banks, retailers and service providers, fraud risk tends to move beyond onboarding toward login and account access, often through impersonation or credentials misuse.

“The key takeaway for Botswana is timing,” she added. “Strengthening onboarding and early-stage identity checks now can help prevent more complex fraud patterns emerging as digital adoption accelerates. Early safeguards can make a meaningful difference as the digital ecosystem matures.”

Retail Transactions Show the Highest Suspected Digital Fraud Risk Among Sectors Analysed

Across Africa, suspected digital fraud risk varies by industry, reflecting local user behaviour and where criminals see opportunity. For attempted transactions involving consumers in Botswana, retail recorded the highest suspected digital fraud attempt rate in 2025 at 1.9%.

“Globally and across Africa, fraud often emerges as informal activity gives way to structured, trusted digital services,” Reddy said. “As Botswana continues its transition toward regulated digital ecosystems, it is following well-established international patterns. Embedding security early helps manage risk as adoption grows.”

Chart 2: Top Three Sectors Experiencing Suspected Digital Fraud Attempts from Botswana

Source: TransUnion global intelligence network

What Consumers and Businesses Can Do

As fraud tactics evolve, consumers can help reduce their risk by safeguarding personal information, remaining cautious of unsolicited calls and messages and regularly reviewing their credit information for suspicious activity.

For organisations, the findings reinforce that fraud strategies must extend beyond compliance to actively protect trust across the entire consumer lifecycle, particularly at account creation and at points where criminals attempt to exploit established relationships through scams and impersonation.

“Botswana has the advantage of foresight – the global fraud playbook is already written,” Reddy said. The opportunity now is to act before the next phase arrives.”

TransUnion’s insights are based on a global survey of 12,730 consumers in 18 countries and regions, conducted between Nov. 20–Dec. 9, 2025, alongside intelligence from its suite of TransUnion fraud prevention solutions. To learn more about how TransUnion fraud prevention solutions can help businesses avoid fraud and prevent fraud losses, click here.

Specific country and regional data in the report includes Botswana, Brazil, Canada, Chile, Colombia, Costa Rica, the Dominican Republic, El Salvador, Guatemala, Honduras, Hong Kong, India, Kenya, Mexico, Namibia, Nicaragua, the Philippines, Puerto Rico, Rwanda, South Africa, Spain, the United Kingdom, the United States and Zambia. Download the TransUnion H1 2026 Update to the Top Fraud Trends Report for more information and insights about the global fraud trends.

^[1] Suspected digital fraud attempts reflects those which TransUnion clients determined met one of the following conditions: 1) denial in real time due to fraudulent indicators, 2) denial in real time for corporate policy violations, 3) fraudulent upon client investigation, or 4) a corporate policy violation upon client investigation. The country and regional analyses examined transactions in which the consumer or suspected fraudster was located in a select country or region when conducting a transaction. Global statistics represent every country worldwide and not just the select countries and regions. 

Mutabazi joins TransUnion with over 16 years of leadership experience spanning the fintech, banking, and telecommunications sectors. He most recently served as the Country Manager for Asante Financial Services Group in Rwanda, where he successfully launched local operations from the ground up and scaled digital lending services for Micro, Small, and Medium Enterprises (MSMEs). His extensive background includes serving as the Head of Digital Finance and Innovation at AB Bank Rwanda, where he led a digital transformation strategy that increased electronic transaction volumes from 0% to over 70%.

“We are delighted to welcome Didier to lead our Rwandan business at such a pivotal time for the region,” said Jeannine Naudé, Head of Africa Regions at TransUnion. “His proven track record in driving bank-wide digital transformation and his deep understanding of the regulatory landscape, having worked closely with the National Bank of Rwanda, makes him the ideal leader to accelerate our growth. This appointment highlights our commitment to bringing global solutions to the Rwandan market to support inclusive, data-driven outcomes for our clients and the more than 350 million Africans still outside the formal financial system”.

Mutabazi’s mandate includes driving the adoption of innovative solutions that extend beyond core credit into areas such as fraud, risk, and advanced analytics. His leadership will be instrumental in supporting sustainable growth and expanding access to credit across the country.

“I am honoured to join TransUnion and lead the Rwanda team as we work to empower businesses and consumers through the power of data,” said Mutabazi. “I look forward to leveraging my experience in scaling digital operations and building strategic partnerships to deliver trusted and innovative solutions. My focus will be on advancing financial inclusion and ensuring that TransUnion continues to play a leading role in Rwanda’s evolving financial ecosystem”.

Mutabazi holds a Master of Business Administration (MBA) from Heriot-Watt University and is a Certified Expert in Microfinance Banking from the Frankfurt School of Finance and Management. He is fluent in English, French, and Kinyarwanda.

In her role, Naudé will lead TransUnion’s Africa Regions portfolio across Botswana, Kenya, Rwanda, Namibia, Zambia, eSwatini, South Africa and Malawi, with responsibility for driving growth, performance and strategic execution across these markets.

Naudé has served as TransUnion Africa’s Chief General Counsel for the past nine years and most recently stepped into the role of Interim Head of Africa Regions, where she demonstrated strong strategic leadership and operational continuity across the portfolio. Her permanent appointment reflects TransUnion’s continued focus on driving sustainable growth, strengthening market competitiveness, and advancement of the company’s strategic priorities across the continent for the benefit of clients and consumers.

During her tenure as Chief General Counsel, Naudé transformed the Legal, Risk and Compliance function into a strategic and trusted business partner, supporting TransUnion Africa’s growth ambitions while strengthening regulatory, industry and stakeholder relationships across multiple markets. She has led several high-impact initiatives, including implementation of new regulatory frameworks and initiatives in multiple African countries, the consolidation of multiple legal entities, TransUnion’s minority investment in Omnisient, and the evaluation and execution of wider expansion opportunities across the continent.

Naudé has also played a key role in advancing TransUnion’s focus on financial inclusion, women inclusion and wider ESG initiatives, as well as wider use of alternative data, leading global engagements with organisations such as the International Finance Corporation (IFC) and the World Bank. Naudé currently serves as Co-Chair of the Africa Credit Information Sharing Association (ACISA) and plays an active role in the Africa Regional Consultative Group as well as several industry bodies, reinforcing TransUnion’s leadership within the broader financial ecosystem.

Over the past five months, Naudé has successfully steered the Africa Regions portfolio in an interim capacity, working closely with the regional leadership team to sustain momentum and performance. Her priorities include driving sustainable growth in core and emerging markets, strengthening regulatory and industry partnerships, enhancing operational execution, and building a future‑ready organisation through talent development and regional collaboration. A key focus of her role is advancing financial inclusion for the more than 500 million Africans outside the formal financial system by bringing TransUnion’s global solutions to market in ways that support inclusive, data‑driven outcomes for clients and consumers.

Lee Naik, CEO and Regional President for TransUnion Africa, commented: “Jeannine has been instrumental in shaping TransUnion Africa’s growth journey over the past nine years. Her deep understanding of our markets, strong commercial acumen and ability to balance strategy with execution make her well suited to lead our Africa Regions. We are confident that under her leadership, TransUnion Africa will continue to deliver meaningful impact for our clients, consumers and partners.”

Naudé added: “I am honoured to take on the role of Head of Africa Regions at such an important time for TransUnion. Having worked closely with our teams across the continent, I am excited to build on the strong foundation already in place, drive sustainable growth, and continue advancing solutions that support financial inclusion and economic opportunity across Africa.”

According to the new TransUnion® (NYSE: TRU) H2 2025 Update to the Top Fraud Trends Report, Zambia recorded the highest rate of suspected digital fraud^[1] in the consumer lifecycle at account creation. In the first half of 2025, 11.5% of account creation attempts by consumers in the country was suspected of digital fraud. This is in alignment with account creation fraud being the highest in the consumer lifecycle globally where 8.3% of those types of transaction attempts were suspected of digital fraud in H1 2025.

The report, which draws on proprietary data from TransUnion’s global intelligence network from billions of transactions from over 40,000 websites and apps and a consumer survey across 18 countries, reveals that fraud is growing in certain areas.

“Digital fraud is increasing in Zambia with AI-driven fraud and synthetic identities emerging as significant threats,” said Amritha Reddy, senior director of fraud product management TransUnion Africa. “As mobile and internet penetration grow, fraud risks are expected to increase.”

According to analysis of TransUnion’s customers in its global intelligence network, digital account takeover volume worldwide grew 21% year-over-year (YoY) from H1 2024 to H1 2025, signalling a rapid escalation. The volume of digital account takeovers surged 141% from H1 2021 to H1 2025, underscoring a persistent rise of this fraud type over time and reflecting the increasing sophistication of fraudsters who exploit stolen credentials and bypass authentication systems.

"As account takeover fraud surges, businesses can no longer afford solely reactive defences,” said Reddy. “The growing sophistication of fraudsters demands a proactive investment in layered security and identity intelligence. In today’s threat landscape, protecting customer accounts is not just a priority, it’s a business imperative."

Highest Rate of Suspected Digital Fraud in Video Gaming

Among industries analysed globally, the video gaming sector recorded the highest percentage of suspected digital fraud attempts in the first half of 2025, reaching 13.5%. This represents a significant 28% rate increase compared to the same period in 2024, underscoring the growing vulnerability of this sector to fraudulent activity.

For transactions where the consumer was in Zambia, the rate of suspected digital fraud attempts in H1 2025 was the highest in financial services at 1.9%.

Chart 2: Suspected Digital Fraud Attempts in Zambia, by Sector

^{Source: TransUnion global intelligence network}

“As the risk from consumer scams threatens identity integrity, organisations should rely on a mixture of data, risk signals, technology and tools to prevent fraud,” said Reddy. “The report highlights that business leaders rank^[2] identity verification, device reputation and behavioural biometrics as the leading three fraud prevention technologies.”

“Businesses and financial institutions should also invest in sustained education and awareness campaigns to mitigate against schemes like account takeovers. Preventing fraud must by necessity be a multi-pronged strategy, if businesses and consumers are to stay ahead of fraudsters whose strategies continue to evolve too,” she said. “By harnessing advanced technologies, fostering cross-sector collaboration and prioritising consumer trust, Zambia can chart a path toward a secure and inclusive digital future.”

Consumer-Reported Exposure to Fraud High Amid Gaps in Awareness and Prevention

Globally, consumers continue to face a wide range of scams, with tactics often tailored to regional behaviours and vulnerabilities. TransUnion’s survey found that 48% of consumers surveyed globally reported being targeted by email, online, phone call or text messaging fraud from February to May 2025, with 85% of Zambians saying the same thing. Globally, 52% were unaware that they were targeted, as were 15% of Zambians, indicating potential fraud under-recognition and a gap in fraud awareness.

Consumers in five of the six African countries surveyed reported money or gift card scams as the most experienced fraud type. In Zambia, money or gift card scams was the most common fraud type – reported by 49% of those who said they were targeted with fraud from February to May 2025. Among those Zambians who said they were targeted, the next most frequently reported scams were smishing (42%), phishing (35%), and vishing (31%), with these three designed to deceive individuals into giving up their valuable personal or financial information.

Nearly One in Ten Zambians Indicated They Fell Victim to Fraud from February to May 2025, Mid-Range Compared to Other African Countries Studied

   ^{Source: TransUnion consumer survey}

“By leveraging data intelligence, AI-driven fraud prevention, cross-sector collaboration and public education, Zambia can outpace emerging threats and build a digital ecosystem rooted in trust,” said Reddy. “A safer digital Zambia is achievable when trust becomes a shared responsibility. As scammers continue to evolve their tactics to enrich themselves, it’s more important than ever for consumers to regularly review their credit reports to ensure all listed information is accurate.”

TransUnion came to its conclusions about digital fraud based on intelligence from its array of TransUnion fraud prevention solutions. To learn more about how TransUnion fraud prevention solutions can help businesses avoid fraud and prevent fraud losses, click here.

Specific country and regional data in the report includes Zambia, Botswana, Brazil, Canada, Chile, Colombia, Costa Rica, the Dominican Republic, El Salvador, Guatemala, Honduras, Hong Kong, India, Kenya, Mexico, Namibia, Nicaragua, the Philippines, Puerto Rico, Rwanda, Spain, South Africa, the United Kingdom, and the United States. Download the TransUnion H2 2025 Update to the Top Fraud Trends Report for more information and insights about the global fraud trends.

^{[1] Suspected digital fraud attempts reflect those which TransUnion customers determined met one of the following conditions: 1) denial in real time due to fraudulent indicators, 2) denial in real time for corporate policy violations, 3) fraudulent upon customer investigation, or 4) a corporate policy violation upon customer investigation.}

^{[2] As found by TransUnion’s online business survey conducted from 29 May to 6 June 2025 in partnership with third-party research provider, Dynata. Findings were included in TransUnion’s H2 2025 Update to the Top Fraud Trends Report}

According to the new TransUnion® (NYSE: TRU) H2 2025 Update to the Top Fraud Trends Report, Namibia recorded the highest rate of suspected digital fraud^[1] in the consumer life cycle at account creation. In the first half of 2025, 2.8% of account creation attempts by consumers in the country were suspected of digital fraud. This is in alignment with account creation fraud being the highest in the consumer lifecycle globally where 8.3% of those types of transaction attempts were suspected of digital fraud in H1 2025.

The report, which draws on proprietary data from TransUnion’s global intelligence network from billions of transactions from over 40,000 websites and apps and a consumer survey across 18 countries, reveals that fraud is growing in certain areas.

“The complexity of digital fraud attacks are accelerating as fraudsters leverage AI, impersonation tactics and social engineering to exploit gaps in verification and awareness,” said Amritha Reddy, senior director of fraud product management TransUnion Africa. “Our global business survey found financial losses from fraud are growing, indicating that although some defence mechanisms are working fraudsters are shifting tactics, scaling up or moving into less defended sectors.”

According to analysis of TransUnion’s customers in its global intelligence network, digital account takeover volume worldwide grew 21% year-over-year (YoY) from H1 2024 to H1 2025, signalling a rapid escalation. The volume of digital account takeovers surged 141% from H1 2021 to H1 2025, underscoring a persistent rise of this fraud type over time and reflecting the increasing sophistication of fraudsters who exploit stolen credentials and bypass authentication systems.

"As account takeover fraud surges, businesses can no longer afford solely reactive defences,” said Reddy. “The growing sophistication of fraudsters demands a proactive investment in layered security and identity intelligence. In today’s threat landscape, protecting customer accounts is not just a priority, it’s a business imperative."

Highest Rate of Suspected Digital Fraud in Video Gaming

Among industries analysed globally, the video gaming sector recorded the highest percentage of suspected digital fraud attempts in the first half of 2025, reaching 13.5%. This represents a significant 28% rate increase compared to the same period in 2024, underscoring the growing vulnerability of this sector to fraudulent activity.

For transactions where the consumer was in Namibia, the rate of suspected digital fraud attempts in H1 2025 was the highest in gaming (online sports betting, poker, etc.) at 5.2%.

Chart 2: Suspected Digital Fraud Attempts in Namibia, by Sector

^{Source: TransUnion global intelligence network}

“As the risk from consumer scams threatens identity integrity, organisations should rely on a mixture of data, risk signals, technology and tools to prevent fraud,” said Reddy. “The report highlights that business leaders rank^[2] identity verification, device reputation and behavioural biometrics as the leading three fraud prevention technologies.”

“Businesses and financial institutions should also invest in sustained education and awareness campaigns to mitigate against schemes like account takeovers. Preventing fraud must by necessity be a multi-pronged strategy, if businesses and consumers are to stay ahead of fraudsters whose strategies continue to evolve too,” she said. “By harnessing advanced technologies, fostering cross-sector collaboration, and prioritising consumer trust, Namibia can chart a path toward a secure and inclusive digital future.”

Consumer-Reported Exposure to Fraud High Amid Gaps in Awareness and Prevention

Globally, consumers continue to face a wide range of scams, with tactics often tailored to regional behaviours and vulnerabilities. TransUnion’s survey found that 48% of consumers surveyed globally reported being targeted by email, online, phone call or text messaging fraud from February to May 2025, with 65% of Namibians saying the same thing. Globally, 52% were unaware that they were targeted, as were 35% of Namibians, indicating potential fraud under-recognition and a gap in fraud awareness.

Consumers in five of the six African countries surveyed reported money or gift card scams as the most experienced fraud type. In Namibia, money or gift card scams was the most common fraud type – reported by 37% of those who said they were targeted with fraud from February to May 2025. Among those Namibians who said they were targeted, the next most frequently reported scams were vishing (33%), phishing (29%), and smishing (25%), with these three designed to deceive individuals into giving up their valuable personal or financial information.

Namibia Had the Second Lowest Percentage of Respondents in Africa Indicating They Fell Victim to Fraud from February to May 2025

   ^{Source: TransUnion consumer survey}

“Namibia’s digital transformation is unlocking new avenues for growth and inclusion. Yet, fraudsters are evolving faster, exploiting emerging vulnerabilities. Success will hinge on strengthening identity verification frameworks, accelerating cross-industry intelligence sharing, modernizing technology infrastructure, and empowering consumers through education and awareness,” said Reddy. “A safer digital Namibia is achievable when trust becomes a shared responsibility. As scammers continue to evolve their tactics to enrich themselves, it’s more important than ever for consumers to regularly review their credit reports to ensure all listed information is accurate.”

TransUnion came to its conclusions about digital fraud based on intelligence from its array of TransUnion fraud prevention solutions. To learn more about how TransUnion fraud prevention solutions can help businesses avoid fraud and prevent fraud losses, click here.

Specific country and regional data in the report includes Namibia, Botswana, Brazil, Canada, Chile, Colombia, Costa Rica, the Dominican Republic, El Salvador, Guatemala, Honduras, Hong Kong, India, Kenya, Mexico, Nicaragua, the Philippines, Puerto Rico, Rwanda, Spain, South Africa, the United Kingdom, the United States and Zambia. Download the TransUnion H2 2025 Update to the Top Fraud Trends Report for more information and insights about the global fraud trends.

^{[1] Suspected digital fraud attempts reflect those which TransUnion customers determined met one of the following conditions: 1) denial in real time due to fraudulent indicators, 2) denial in real time for corporate policy violations, 3) fraudulent upon customer investigation, or 4) a corporate policy violation upon customer investigation.}

^{[2] As found by TransUnion’s online business survey conducted from 29 May to 6 June 2025 in partnership with third-party research provider, Dynata. Findings were included in TransUnion’s H2 2025 Update to the Top Fraud Trends Report}

According to the new TransUnion® (NYSE: TRU) H2 2025 Update to the Top Fraud Trends Report, Botswana recorded the highest rate of suspected digital fraud^[1] in the consumer lifecycle at account creation. In the first half of 2025, 2.6% of account creation attempts by consumers in the country were suspected of digital fraud. This is in alignment with account creation fraud being the highest in the consumer lifecycle globally where 8.3% of those types of transaction attempts were suspected of digital fraud in H1 2025.

The report, which draws on proprietary data from TransUnion’s global intelligence network from billions of transactions from over 40,000 websites and apps and a consumer survey across 18 countries, reveals that fraud is growing in certain areas.

“In Botswana, the complexity of digital fraud attacks are accelerating as fraudsters leverage AI, impersonation tactics and social engineering to exploit gaps in verification and awareness,” said Amritha Reddy, senior director of fraud product management TransUnion Africa. “Our global business survey found that financial losses from fraud are growing, indicating that although some defence mechanisms are working fraudsters are shifting tactics, scaling up or moving into less defended sectors.”

According to analysis of TransUnion’s customers in its global intelligence network, digital account takeover volume worldwide grew 21% year-over-year (YoY) from H1 2024 to H1 2025, signalling a rapid escalation. The volume of digital account takeovers surged 141% from H1 2021 to H1 2025, underscoring a persistent rise of this fraud type over time and reflecting the increasing sophistication of fraudsters who exploit stolen credentials and bypass authentication systems.

"As account takeover fraud surges, businesses can no longer afford solely reactive defences,” said Reddy. “The growing sophistication of fraudsters demands a proactive investment in layered security and identity intelligence. In today’s threat landscape, protecting customer accounts is not just a priority, it’s a business imperative."

Highest Rate of Suspected Digital Fraud in Video Gaming

Among industries analysed globally, the video gaming sector recorded the highest percentage of suspected digital fraud attempts in the first half of 2025, reaching 13.5%. This represents a significant 28% rate increase compared to the same period in 2024, underscoring the growing vulnerability of this sector to fraudulent activity.

For transactions where the consumer was in Botswana, the rate of suspected digital fraud attempts in H1 2025 was the highest in the gaming industry, which includes online sports betting and poker, at 1.8%.

Chart 2: Suspected Digital Fraud Attempts in Botswana, by Sector

^{Source: TransUnion global intelligence network}

“As the risk from consumer scams threatens identity integrity, organisations should rely on a mixture of data, risk signals, technology and tools to prevent fraud,” said Reddy. “The report highlights that business leaders rank^[2] identity verification, device reputation and behavioural biometrics as the leading three fraud prevention technologies.”

“Businesses and financial institutions should also invest in sustained education and awareness campaigns to mitigate against schemes like account takeovers. Preventing fraud must by necessity be a multi-pronged strategy, if businesses and consumers are to stay ahead of fraudsters whose strategies continue to evolve too,” she said. “By harnessing advanced technologies, fostering cross-sector collaboration, and prioritising consumer trust, Botswana can chart a path toward a secure and inclusive digital future.”

Consumer-Reported Exposure to Fraud High Amid Gaps in Awareness and Prevention

Globally, consumers continue to face a wide range of scams, with tactics often tailored to regional behaviours and vulnerabilities. TransUnion’s survey found that 48% of consumers surveyed globally reported being targeted by email, online, phone call or text messaging fraud from February to May 2025, with 74% of Batswana saying the same thing. Globally, 52% were unaware that they were targeted, as were 26% of Batswana, indicating potential fraud under-recognition and a gap in fraud awareness.

Consumers in five of the six African countries surveyed reported money or gift card scams as the most experienced fraud type. In Botswana, money or gift card scams was the most common fraud type – reported by 43% of those who said they were targeted with fraud from February to May 2025. Among those Batswana who said they were targeted, the next most frequently reported scams were smishing (39%), vishing (39%), and phishing (38%), with these three designed to deceive individuals into giving up their valuable personal or financial information.

Botswana Had the Lowest Percentage of Respondents in Africa Indicating They Fell Victim to Fraud from February to May 2025

   ^{Source: TransUnion consumer survey}

“As Botswana’s digital economy accelerates, so do the risks. Fraudsters are exploiting gaps in awareness, infrastructure and security. The country has laid a strong digital foundation. Now is the time to strengthen it, and a coordinated response is essential. By leveraging data intelligence, AI-driven fraud prevention, cross-sector collaboration and public education, we can outpace emerging threats and build a digital ecosystem rooted in trust,” said Reddy. “A safer digital Botswana is achievable when trust becomes a shared responsibility. As scammers continue to evolve their tactics to enrich themselves, it’s more important than ever for consumers to regularly review their credit reports to ensure all listed information is accurate.”

TransUnion came to its conclusions about digital fraud based on intelligence from its array of TransUnion fraud prevention solutions. To learn more about how TransUnion fraud prevention solutions can help businesses avoid fraud and prevent fraud losses, click here.

Specific country and regional data in the report includes Botswana, Brazil, Canada, Chile, Colombia, Costa Rica, the Dominican Republic, El Salvador, Guatemala, Honduras, Hong Kong, India, Kenya, Mexico, Namibia, Nicaragua, the Philippines, Puerto Rico, Rwanda, Spain, South Africa, the United Kingdom, the United States and Zambia. Download the TransUnion H2 2025 Update to the Top Fraud Trends Report for more information and insights about the global fraud trends.

^{[1] Suspected digital fraud attempts reflect those which TransUnion customers determined met one of the following conditions: 1) denial in real time due to fraudulent indicators, 2) denial in real time for corporate policy violations, 3) fraudulent upon customer investigation, or 4) a corporate policy violation upon customer investigation.}

^{[2] As found by TransUnion’s online business survey conducted from 29 May to 6 June 2025 in partnership with third-party research provider, Dynata. Findings were included in TransUnion’s H2 2025 Update to the Top Fraud Trends Report}

According to the new TransUnion® (NYSE: TRU) H2 2025 Update to the Top Fraud Trends Report, Kenya recorded the highest rate of suspected digital fraud^[1] in the consumer life cycle at account creation. In the first half of 2025, 4.4% of account creation attempts by consumers in the country were suspected of digital fraud. This is in alignment with account creation fraud being the highest in the consumer lifecycle globally where 8.3% of those types of transaction attempts were suspected of digital fraud in H1 2025.

The report, which draws on proprietary data from TransUnion’s global intelligence network from billions of transactions from over 40,000 websites and apps and a consumer survey across 18 countries, reveals that fraud is growing in certain areas.

“In Kenya, the complexity of digital fraud attacks are accelerating as fraudsters leverage AI, impersonation tactics and social engineering to exploit gaps in verification and awareness,” said Amritha Reddy, senior director of fraud product management TransUnion Africa. “Our global business survey found financial losses from fraud are growing, indicating that although some defence mechanisms are working fraudsters are shifting tactics, scaling up or moving into less defended sectors.”  

According to analysis of TransUnion’s customers in its global intelligence network, digital account takeover volume worldwide grew 21% year-over-year (YoY) from H1 2024 to H1 2025, signalling a rapid escalation. The volume of digital account takeovers surged 141% from H1 2021 to H1 2025, underscoring a persistent rise of this fraud type over time and reflecting the increasing sophistication of fraudsters who exploit stolen credentials and bypass authentication systems.

"As account takeover fraud surges, businesses can no longer afford solely reactive defences,” said Reddy. “The growing sophistication of fraudsters demands a proactive investment in layered security and identity intelligence. In today’s threat landscape, protecting customer accounts is not just a priority, it’s a business imperative."

Highest Rate of Suspected Digital Fraud in Video Gaming

Among industries analysed globally, the video gaming sector recorded the highest percentage of suspected digital fraud attempts in the first half of 2025, reaching 13.5%. This represents a significant 28% rate increase compared to the same period in 2024, underscoring the growing vulnerability of this sector to fraudulent activity.

For transactions where the consumer was in Kenya, the rate of suspected digital fraud attempts in H1 2025 was the highest in the gaming industry, which includes online sports betting and poker, at 10.4%.

Chart 2: Suspected Digital Fraud Attempts in Kenya, by Sector

^{Source: TransUnion global intelligence network}

“As the risk from consumer scams threatens identity integrity, organisations should rely on a mixture of data, risk signals, technology and tools to prevent fraud,” said Reddy. “The report highlights that business leaders rank^[2] identity verification, device reputation and behavioural biometrics as the leading three fraud prevention technologies.”

“Businesses and financial institutions should also invest in sustained education and awareness campaigns to mitigate against schemes like account takeovers. Preventing fraud must by necessity be a multi-pronged strategy, if businesses and consumers are to stay ahead of fraudsters whose strategies continue to evolve too,” she said. “By harnessing advanced technologies, fostering cross-sector collaboration and prioritising consumer trust, Kenya can chart a path toward a secure and inclusive digital future.”

Consumer-Reported Exposure to Fraud High Amid Gaps in Awareness and Prevention

Globally, consumers continue to face a wide range of scams, with tactics often tailored to regional behaviours and vulnerabilities. TransUnion’s survey found that 48% of consumers surveyed globally reported being targeted by email, online, phone call or text messaging fraud from February to May 2025, with 81% of Kenyans saying the same thing. Globally, 52% were unaware that they were targeted, as were 19% of Kenyans, indicating potential fraud under-recognition and a gap in fraud awareness.

Consumers in five of the six African countries surveyed reported money or gift card scams as the most experienced fraud type. In Kenya, vishing was the most common fraud type – reported by 46% of those who said they were targeted with fraud from February to May 2025. Among those Kenyans who said they were targeted, the next most frequently reported scams were money or gift card scams (45%), phishing (41%) and smishing (39%). Vishing, phishing and smishing are designed to deceive individuals into giving up their valuable personal or financial information.

Kenya Had the Second Highest Percentage of Respondents in Africa Indicating They Fell Victim to Fraud from February to May 2025

 ^{Source: TransUnion consumer survey}

“Despite high exposure, Kenya is advancing in fraud prevention as financial institutions are adopting AI-powered fraud detection, biometric verification and consumer education initiatives. However, more has to be done to combat fraud attempts in video gaming, where protections should include identity, device and behavioural analytics,” said Reddy. “A safer digital Kenya is achievable when trust becomes a shared responsibility. As scammers continue to evolve their tactics to enrich themselves, it’s more important than ever for consumers to regularly review their credit reports to ensure all listed information is accurate.”

TransUnion came to its conclusions about digital fraud based on intelligence from its array of TransUnion fraud prevention solutions. To learn more about how TransUnion fraud prevention solutions can help businesses avoid fraud and prevent fraud losses, click here.

Specific country and regional data in the report includes Kenya, Botswana, Brazil, Canada, Chile, Colombia, Costa Rica, the Dominican Republic, El Salvador, Guatemala, Honduras, Hong Kong, India, Mexico, Namibia, Nicaragua, the Philippines, Puerto Rico, Rwanda, Spain, South Africa, the United Kingdom, the United States and Zambia. Download the TransUnion H2 2025 Update to the Top Fraud Trends Report for more information and insights about the global fraud trends.

^{[1] Suspected digital fraud attempts reflect those which TransUnion customers determined met one of the following conditions: 1) denial in real time due to fraudulent indicators, 2) denial in real time for corporate policy violations, 3) fraudulent upon customer investigation, or 4) a corporate policy violation upon customer investigation.}

^{[2] As found by TransUnion’s online business survey conducted from 29 May to 6 June 2025 in partnership with third-party research provider, Dynata. Findings were included in TransUnion’s H2 2025 Update to the Top Fraud Trends Report}

More than seven in ten Namibians (71%) said they were feeling optimistic about their household finances for the coming year, with 78% expecting their income to increase in the next 12 months. One in four (26%) reported an increase in income in the preceding three months, while 41% said that their finances were better than planned. Gen Z consumers (aged 18-28) were the most hopeful group, with 76% feeling optimistic about their finances, and 81% expecting their incomes to increase in the next year.

These were some of the findings of the TransUnion Consumer Pulse Study for Q2 2025* which also found that Namibian households had faced some financial setbacks, with 30% or respondents reporting that they had lost jobs – five percentage points more than the same quarter in 2024. Additionally, 17% said a household business had closed or lost orders and 16% experienced wage or salary reductions.

On the upside, 16% indicated someone in their household had started a new business, 15% reported salary increases and 11% started a new job. In terms of financial behaviour, 25% of consumers paid down debt faster and 23% saved more in an emergency fund.

When it comes to macroeconomic influences on their financial wellbeing, Namibian consumers listed inflation, job security and house prices as their leading concerns.

Overall, 75% of consumers listed inflation as one of their top three financial concerns followed by housing prices (rent or mortgage) at 64% and job losses at 55%. Possibly due to these concerns, 53% of consumers indicated they cut back on discretionary spending (dining out, travel, entertainment) in the past three months, 28% cancelled subscriptions or memberships, and 27% cancelled or reduced digital services (e.g., wireless, cable TV, internet).

In Q2 2025, 44% of respondents expect to be unable to pay their current bills and loans in full, a five-percentage-point reduction from the previous period. Among them, 35% planned to take on gig work, 33% said they would borrow from friends or family and 32% would make partial payments. These responses reflect not only ongoing financial pressure but also a strong sense of adaptability and resourcefulness among consumers.

“Namibian consumers are demonstrating remarkable resilience and optimism in the face of economic challenges, while prioritising essential expenses and actively trimming non-essential costs to maintain financial stability,” said Lara Enslin, CEO of TransUnion Namibia. “As access to credit and digital trust become increasingly vital, it’s clear that empowering consumers with the right tools and protections will be key to sustaining this resilience.”

Namibians Believe Credit Can Help Achieve Their Financial Goals

In Q2 2025, 95% of respondents considered access to credit important, yet only 33% felt they had sufficient access. Looking ahead, 45% planned to apply for new or refinance existing credit within the next year. Among these, 33% planned to apply for a new student loan, 31% intended to apply for a new personal loan, and 23% planned to refinance a personal loan — marking an eight-percentage-point increase from Q2 2024.

Nearly half (46%) of respondents considered applying for credit or refinancing but ultimately chose not to proceed. The main reasons were concerns about being rejected due to income or employment status (30%) or credit histories (28%), while 29% abandoned their applications simply because they no longer needed the credit. Rising interest rates also shaped consumer credit behaviour. A significant 48% of respondents said interest rate hikes had a major influence on their decisions to apply for credit — while another 31% reported moderate impact. These trends underscore a growing sensitivity to economic conditions.

“Consumers’ sentiment about access to credit highlights a gap between the importance of credit access and consumer confidence, pointing to a need for more inclusive lending,” said Enslin.

Namibians Concerned About Fraud

Namibia was affected by various fraud attempts. The survey revealed 47% of users cited identity theft as a major barrier to adopting new digital technologies — while 45% expressed concerns about cybersecurity threats.

Credit card/payment fraud (59%), stolen identity (54%) and data breaches (31%) were the cyber threats that most concerned surveyed consumers. In turn, identity attack methods that concerned consumers the most included falling victim to fake social media profiles (61%), personal information exposed in data breaches (59%), email phishing (45%) and viruses or malware (41%). 

In Q2 2025, 57% of consumers reported being targeted by fraud attempts through online platforms, emails, phone calls or text messages but did not fall victim; 8% of respondents said they were both targeted and scammed. Middle-income consumers were particularly affected as 66% reported fraud attempts. Overall, the most common types of scams included money/gift card scams (37%), vishing (fraudulent phone calls meant to trick users into revealing data) at 33%, phishing (fraudulent emails, websites, social posts, QR codes, etc. meant to steal data) at 29%, and smishing (fraudulent text messages meant to trick users into revealing data) at 25%.

“Namibian consumers continue to display resilience following the country’s economic contraction in Q1 2025,” said Enslin. “Managing their credit effectively and taking steps to prevent fraud will see Namibians benefit from the country’s anticipated growth.”

Consumers can find out more about their credit report from TransUnion here.

^{*This online survey of 291 adults was conducted in Namibia from May 5–25, 2025 by TransUnion in partnership with third-party research provider, Dynata. Adults 18 years and older residing in Namibia were surveyed using an online research panel method across a combination of desktop, mobile and tablet devices.}

Information and insights company TransUnion Botswana has published its Q2 2025 Consumer Pulse Study* which showed that only one third (33%) of Batswana respondents reported a growth in their income in the last three months, while 49% said their finances were worse than planned. One quarter (25%) were affected by job losses – nine percentage points more than said the same thing one year ago.

Despite this, 77% remained optimistic about their future finances, with Gen Z consumers (aged 18-28) being the most hopeful group with 83% feeling optimistic about their future. Nearly nine in 10 (87%) of this cohort expected their incomes to increase in the next year – 10 percentage points more than those who said the same a year ago.

Consumers’ most significant financial concerns are inflation, job security and housing prices. Nearly eight in 10 (78%) put inflation as one of their top three financial concerns followed by job losses and housing prices (rent or mortgage) each at 55%.

Likely in response to these concerns, 53% of consumers indicated they cut back on discretionary spending (dining out, travel, entertainment) in the past three months, 34% cancelled subscriptions or memberships and 30% cancelled or reduced digital services (e.g., wireless, cable TV, internet).

Looking forward to the next three months, 57% of surveyed consumers expected to reduce their discretionary spending – significantly more than the proportion of respondents who expected discretionary spending to remain the same (17%) or increase (22%). At the same time, 42% anticipated reducing spending on large purchases.

“These trends suggest that consumers in Botswana are scaling back their short-term spending to prioritise long-term financial goals and essential expenses,” said Kabelo Ramaselwana, CEO of TransUnion Botswana. “Trimming non-essential costs is a smart strategy to build and maintain financial stability and resilience.”

Taking intentional steps towards financial sustainability will help the 34% of Batswana who are expecting to miss at least one bill or loan payment in the next quarter. Of those facing this challenge, 42% plan to explore additional job opportunities or take on gig work to boost their available funds, 38% plan to make partial payments, and 25% intend to use their savings to address the shortfall.  

Gen Z and Millennials Lead the Charge in Credit Applications Amid Access Concerns

During the quarter surveyed, 95% of respondents considered access to credit important, yet only 41% felt they had sufficient access. This shows a gap between the importance of credit access and consumer confidence, pointing to a need for more inclusive lending. Looking ahead, 39% of respondents planned to apply for new or refinanced credit within the next year. Among these, 42% intended to apply for a new personal loan (six percentage points higher than Q2 2024), while 30% planned to seek a new home loan. Additionally, 17% expressed interest in applying for a new car loan or lease, or student loan.

Among those intending to apply for new credit or to refinance existing credit, most were Gen Z consumers (43%) followed by 37% of Millennials (aged 29-44) and 35% of Gen X (aged 45-60).

“Gen Z and Millennial consumers are entering the workplace and embracing the lifestyle elements that come with establishing a career and a family, while also taking a strategic approach to credit - carefully managing and monitoring their credit profile to enable confident transactions with financial institutions to empower themselves to achieve great things,” says Ramaselwana.

Financial Literacy Gaps Persist, Opportunities for Alternative Data Identified  

In Q2 2025, many surveyed consumers in Botswana recognised the importance of credit monitoring: 37% of respondents considered it extremely important and 38% rated it as very important. Despite this awareness, only 48% of respondents reported checking their credit at least monthly followed by 13% who did so quarterly. Alarmingly, 27% said they don’t monitor their credit, though this is a five-percentage-point improvement from the previous year. This gap highlights the need for improved financial literacy and easier access to credit tools. Among those who did monitor their credit, 45% focused on report accuracy, 38% aimed to prevent fraud and 37% wanted to improve their credit scores.

Over half of respondents (51%) believed their credit profiles would improve if businesses used information not on the standard credit report, such as rental payments, gym membership payments and other alternative data. Medium-income consumers (N$300,001 to N$800,000 per annum) were the most optimistic as 55% believed their credit profiles would improve if alternative data were considered beyond traditional credit reports.

^{* TransUnion’s Consumer Pulse Survey of 251 adults was conducted 5–25 May 2025 by TransUnion in partnership with third-party research provider Dynata. Adults 18 years and older residing in Botswana were surveyed using an online research panel method across a combination of desktop, mobile and tablet devices.}

Information and insights company TransUnion Kenya has published its Q2 2025 Consumer Pulse Study* which shows that the finances of 59% of Kenyans were going as planned or better, with 84% expecting their income to increase in the next year. This is likely fuelling the optimism of 84% of Kenyans who say that they’re optimistic about their financial future.

Kenyans are taking charge of their financial futures, with 34% indicating that someone in their household started a new business, nearly one in five (18%) started a new job, and one fifth (20%) have had increases in their incomes in the past month. This confidence – and increase in income – has seen 40% of consumers paying down their debt more quickly, while nearly half (46%) have been able to increase their emergency savings – a five-percentage point increase from the same period last year.

While Kenyans express optimism about the future, their top financial concerns reflect ongoing macroeconomic pressures. Inflation leads the way, with 76% identifying it among their top three worries, followed closely by job security (60%) and housing affordability (55%). Together, these paint a picture of a population navigating rising costs, employment uncertainty, and challenges in securing stable living conditions. With these concerns in mind, 61% cut back on discretionary spending such as dining out, travel or entertainment in the preceding three months.

This is likely to be a trend that will continue, as more than half (55%) expect their discretionary spend to decrease in the coming three months, and 42% expected their spend on in-store or online retail to decrease too. Nearly half (49%) expected to spend less on large purchases in the next quarter.

In line with these constraints, 62% of Kenyans said that they’re expecting to be unable to pay at least one of their current loans or bills in full in the coming quarter – although this is slightly less than those who said the same thing a year ago (64%). Determined to meet their obligations, 48% said that they would take on temporary or gig work to service their debt, 34% said that they would use money from their savings, and 30% said that they would borrow money from a friend or family member.

“Kenya continues on its growth path, driven by resilient and value-driven consumers who are navigating a moderate inflation environment that’s inspiring cautious optimism in the country’s recovering economy,” said Morris Maina, CEO of TransUnion Kenya. “By delaying spend on big ticket items and finding ways to manage their debt effectively, consumers are signalling mature credit behaviour, which in turn is likely to be a driver for economic growth into the future.”

One of the most effective ways for consumers to manage their credit commitments effectively is to monitor their credit score and record, and nearly two thirds (65%) of respondents to the survey said that they monitor their credit at least monthly. More than half (55%) said that they do this to improve their credit scores, half (50%) said that they do so to monitor accuracy, and nearly one third (32%) said that they do so to protect themselves against fraud.

Kenyans focus on fraud detection and prevention

Data breaches (56%), stolen identity (53%) and credit card fraud (46%) were the cyber threats that most concerned surveyed Kenyan consumers. More than half of Kenyans (56%) were worried about becoming a victim of fake social media profiles (56%), with the next most pressing worries being that personal information would be exposed in data breaches (52%), that they would fall victim to viruses or malware (44%) or email phishing (44%).

In Q2 2025, 71% of respondents reported being targeted by fraud attempts through online platforms, emails, phone calls, or text messages, but they did not fall victim. An additional 10% said they were both targeted and scammed.

Medium-income consumers (KSH 300,000 to KSH 1.4 million per annum) were particularly affected, with 77% reporting fraud attempts — nearly ten percentage points higher than other income groups. The most common types of scams included vishing (fraudulent phone calls meant to trick you into revealing data ) at 46%, money/gift card scams (45%), phishing (fraudulent emails, websites, social posts, QR codes, etc. meant to steal data) at 40%, smishing (fraudulent text messages meant to trick you into revealing data) at 39% and third-party seller scams on legitimate retail websites (36%).

“Financial services institutions can help their consumers protect their credit profiles by adding solutions like identity proofing and risk-based authentication to their onboarding processes, without compromising consumer experiences during the application process,” Maina said. “With fraudsters evolving their strategies all the time, preventing and detecting fraud must be a holistic approach that empowers financial services providers, businesses and consumers to protect themselves.”

#ends

^{*The survey of 433 Kenyan adults aged 18 or older was conducted 5-15 May 2025 in partnership with third-party research provider, Dynata.}

In a context of GDP growth of 7.8% during the first quarter, ongoing economic recovery and the government’s ongoing efforts to strengthen key industries and maintain macroeconomic stability, Rwandan consumers were notably more optimistic about their financial futures in Q2 2025 compared to a year ago.

According to the TransUnion Consumer Pulse Study for Q2 2025, 81% of Rwandans felt financially hopeful, with 38% having seen a growth in income – up five percentage points from those who said the same a year ago – and 37% saying that their finances were better than expected.

“Rwandan consumers are demonstrating remarkable resilience and optimism in the face of economic challenges. The strong sense of financial hope reflects a broader national momentum toward inclusive growth. As access to credit and digital trust become increasingly vital, it’s clear that empowering consumers with the right tools and protections will be key to sustaining this positive trajectory,” said Thabo Molefe, head of Africa regions, TransUnion.

In the past three months, Rwandan households faced some financial setbacks, with job losses emerging as the most significant challenge. Specifically, 29% of respondents reported job losses. Additionally, 20% experienced wage or salary reductions, 14% had their work hours reduced, and 12% said a household business had closed or lost orders.

On the upside, 23% indicated that they started a new job, 22% said that someone in their household started a new business, and 16% had salary increases. In terms of financial behavior, 28% saved more in an emergency fund and paid down their debt faster while 24% saved more for retirement.

In the next three months, 38% of the surveyed consumers expect to increase discretionary spending. This percentage is higher than that of respondents who expected discretionary spending to remain the same (21%) or decrease (30%). At the same time, respondents are expecting an increase in both medical services (45%) and digital services (42%) costs.

More than half (51%) of Rwandan consumers expected to miss at least one bill or loan payment in the coming quarter. Rwandans are determined to pay their bills and loans, however, with 39% saying that they’ll pay a partial amount that they can afford, 39% saying that they’ll take on gig work, and 39% saying that they’ll use money from their savings.

Rwandans Believe Access to Credit is Important

In Q2 2025, a significant 99% of respondents considered access to credit important, yet only 41% felt they had sufficient access. This indicates a noteworthy gap between credit access and consumer confidence, pointing to a need for more inclusive lending. Looking ahead, 55% planned to apply for new or refinanced credit within the next year. Among these, 46% were planning to apply for a new personal loan, 26% intended to apply for a new student loan, and 23% were planning to apply for a new home loan.

Nearly half (49%) of respondents considered applying for credit or refinancing but ultimately chose not to proceed. The main reasons were high borrowing costs (27%) and concerns about being rejected due to income or employment status (22%). Moreover, 20% found an alternative funding source, 19% said that getting a decision takes too long, and 17% said that applying was too much work.

Rwandans Affected by Fraud Attempts

Following a study which found that nearly seven in 10 Rwandans were targeted with fraud in the last five months of 2024, more than one third (37%) of consumers identified cybersecurity threats as a major obstacle to adopting new digital technologies, while 30% expressed concerns about identity theft. These concerns highlight the need for stronger digital safeguards and greater public awareness to foster trust in online platforms and services.

High-income consumers were particularly affected by fraud attempts during Q2 2025, with 59% reporting attempts. The most common types of scams included money/gift card scams (49%), phishing (fraudulent emails, websites, social posts, QR codes, etc. meant to steal data) at 31% and vishing (fraudulent phone calls meant to trick users into revealing data) at 28%. Among high-income consumers, money or gift card scams (47%) and phishing (31%) were the most frequently encountered scams.

Sharing personal information was a concern for 72% of consumers, due to fears of privacy invasion (63%) and identity theft (59%). Additionally, 73% said they have proper access to their credit information. There is still an opportunity to implement stronger cybersecurity measures, consumer education, and regulatory oversight to build trust in Rwanda’s digital economy.

“As Rwanda’s economy continues to recover and digital adoption accelerates, protecting consumers from fraud must remain a top priority. Empowering individuals with access to their credit information and the tools to monitor it is about more than improving their financial health, it’s about building trust in a digital future,” said Molefe.

Consumers can find out more about their credit report from TransUnion here.

ENDS

^{Note to editors:}

^{* This online survey of 345 adults was conducted May 5–25, 2025}

Zambians were optimistic about their financial health during Q2 2025, with nearly eight in ten (79%) feeling optimistic about their household finances for the coming year and 82% of all surveyed expecting their income to increase in the next 12 months. Over one third (34%) of respondents reported an increase in household income over the past three months, while 36% said that their finances were better than planned.

According to the TransUnion Consumer Pulse Study for Q2 2025*, Zambians had further positive financial news: 38% had paid debt down faster in the past three months – up eight percentage points (pp) from a year ago – and 25% said that they had saved more in an emergency fund in that time period.

Despite their relatively positive income outlooks, Zambians were concerned about macroeconomic dynamics, including inflation, jobs and housing prices. During the quarter studied, 79% listed inflation as one of their top three financial concerns in the next six months, followed by housing prices (rent or mortgage) at 59% and jobs at 58% (nine pp higher than Q2 2024). Possibly due to these concerns, in the past three months, 55% of consumers indicated they had cut back on discretionary spending (e.g., dining out, travel, entertainment); 44% cancelled or reduced digital services (e.g., wireless, cable TV, internet); and 41% cancelled subscriptions or memberships (seven pp higher than Q2 2024).

“Zambian consumers are demonstrating remarkable resilience and optimism in the face of economic challenges, while prioritising essential expenses and actively trimming non-essential costs to maintain financial stability,” said Mildred Stephenson, CEO of TransUnion Zambia. “As access to credit and digital trust becomes increasingly vital, it’s clear that empowering consumers with the right tools and protections will be key to sustaining this resilience.”

Regarding payment obligations, 35% expected to be unable to pay at least one of their current bills or loans in full. Among these respondents, almost half (48%) said they would pay their current bills and loans with a partial amount they could afford. Meanwhile, 45% planned to take on temporary/gig work to service their debts, and 35% intended to borrow money from a friend or family member. Finally, 28% of respondents said they would use savings.

Zambians Believe Credit Can Help Achieve Their Financial Goals

During the quarter studied, 94% of respondents viewed access to credit and lending products as important to achieve their financial goals, yet only 42% felt they had sufficient access. Among all surveyed, 45% planned to apply for new or refinance existing credit within the next year. Among them, the most popular credit products they said they’d apply for were new personal loans (46%) and refinancing existing personal loans (37%). Additionally, 23% said they’d apply for buy now, pay later services and 20% a new student loan.

More than half (54%) considered applying for credit or refinancing but ultimately chose not to proceed. High borrowing costs (36%) and not enough difference to payments when refinancing (30%, up 10 percentage points from a year ago) were the main reasons Zambians were hesitant to pursue credit. These trends, likely driven by broader economic pressures, continue to discourage engagement with formal credit channels.

Rising interest rates also influenced consumer behaviour. More than half (56%) said interest rate increases had a high impact on whether or not they would apply for credit in the next 12 months, while 29% reported a moderate impact.

“These trends underscore a growing sensitivity to economic conditions and highlight the need for more affordable, transparent and flexible credit solutions,” Stephenson said.

Zambians Concerned About Fraud

As fraud attempts continue to proliferate in Zambia, consumers are feeling their effects beyond being victims. For instance, when it comes to using digital technology in new ways, 49% of survey respondents cited cybersecurity threats as a major barrier to doing so, while 39% expressed concerns about identity theft.

Stolen identity (50%), credit/payment card fraud (46%) and data breaches (40%) were the cyber threats that most concerned surveyed consumers. Identity attack methods respondents said they were most concerned about were becoming a victim of fake social media profiles (69%), personal information exposed in data breaches (51%), email phishing (50%), and viruses or malware (43%). More than three quarters (76%) reported being targeted by email, online, phone call or text message fraud in the last three months but didn’t fall victim. An additional 9% said they were both targeted and fell victim. High-income consumers (ZK108,000 and more annually) were particularly affected: 91% reported being targeted — at least seven percentage points higher than other income groups.

“Zambian consumers continue to display resilience amid challenging economic conditions,” said Stephenson. “Managing their credit effectively and taking steps to prevent fraud will see Zambians benefit from the country’s expected growth rebound¹.”

Consumers can find out more about their credit report from TransUnion here.

#ends

^{*This online survey of 325 adults was conducted May 5–25, 2025 by TransUnion in partnership with third-party research provider, Dynata. Adults 18 years and older residing in Zambia were surveyed using an online research panel method across a combination of desktop, mobile and tablet devices.}

^{1 2025 Economic Outlook}

Eighty-two percent of Kenyans TransUnion surveyed from 21 November to 9 December 2024 indicated that they had been targeted by email, online, phone call or text messaging fraud in the last three months with 11% saying that they had become victims. Among those who said they were targeted, the most common reported schemes were smishing where fraudulent text messages try to trick users into sharing personal data (39%), phishing where fraudulent emails, websites, social posts or QR codes are meant to steal personal data (36%), and vishing, where fraudulent phone callers try to induce the user into sharing data (33%).

In a separate question in the same survey, nearly half (45%) said that they lost money to email, online, phone call or text messaging fraud in the last year. More than one third (34%) of those who said they lost money reported it happening via third-party seller scams on legitimate online retail websites. This was followed by 26% of Kenyans losing money via unemployment fraud and 25% losing money from account takeovers.

These and other findings came from research used for building the newly released TransUnion (NYSE: TRU) H1 2025 Update to the State of Omnichannel Fraud Report, which shows how Kenyan consumers continue to be targeted by fraudsters through a wide range of channels.

“Kenya has a 133.7% mobile phone penetration rate, with people using mobile phones to conduct their everyday business, connect with friends, or keep in touch with family, so it’s easy to understand why digital fraud would be such a common tactic among fraudsters targeting this region,” said Amritha Reddy, senior director of fraud solutions at TransUnion Africa. "While cybercriminals will attack at any time using any channel, they appear to focus on channels most popular in the regions they are targeting.”

Nineteen percent of Kenyan respondents indicated that they were not aware of being targeted by email, online, phone call or text messaging fraud at all, which raises questions as to whether these respondents were in fact targeted, yet simply unaware of the threat.

Based on the TransUnion study, Kenya tied Namibia with having the second highest percentage of respondents who said they fell victim to email, online, phone call or text messaging fraud in the second half of 2024 among countries surveyed in Africa. In contrast, Zambia had the lowest percentage of consumers who said they fell victim to fraud in the countries surveyed across the continent.

Table 1: Fraud Types Most Frequently Used to Target Consumers in Sub-Saharan Africa in the Last Three Months

   Source: TransUnion Consumer Pulse Survey of 500 people in Kenya in December 2024

Communities and Video Gaming Among Top Industries Targeted by Suspected Digital Fraud

Globally, TransUnion determined communities (online forums and dating sites) experienced the highest rate of suspected digital fraud^[1] attempts in 2024. Nearly 12% of all attempted transactions within communities were suspected to be digital fraud last year. This is closely followed by video gaming (11%), with gaming (including online betting, poker, etc.) at 8% and retail (8%) rounding out the top four.

The logistics industry, which has seen growth in shipping fraud (often perpetrated by organized crime rings), saw the greatest suspected digital fraud volume growth globally in 2024, up more than 100% over 2023. The fraud rate remains at a relatively modest 3%. Gaming also saw a significant year-over-year (YoY) volume change, up 20%. Telecommunications (-79%), insurance (-29%) and video gaming (-23%) saw the greatest decreases in suspected digital fraud volume YoY.

“Digital fraud on community platforms is by no means a new phenomenon. In 2024, it appears that fraudsters targeted these areas with a renewed vigour,” said Reddy. “Cybercriminals take advantage of the trust inherent on community-based platforms, and target members with a wide range of scammer solicitations, the most reported type of digital fraud in communities.”

For attempted transactions where the consumer or fraudster was located in Kenya, gaming experienced the highest suspected attempted digital fraud rate in 2024 at 12.9% with a 33.8% increase in the volume of suspected digital fraud from 2023.

“It is encouraging to see that attempts at digital fraud have decreased across all but two of the surveyed industries in Kenya,” Reddy says. “Organisations that draw on identity, device and behavioural insights to help them interact with legitimate consumers while mitigating fraud risk are more likely to protect themselves and their customers from the scourge of digital fraud.”

Table 2: Highest Digital Fraud Rates Across Leading Industries in Kenya

Source: TransUnion TruValidate™

Fraud Comes with a Heavy Cost to Consumers

Consumers faced significant losses due to fraud. Among consumers TransUnion surveyed in 18 countries and regions in November and December 2024, 29% said they lost money due to email, online, phone call or text messaging fraud in the last year. The survey determined that the median amount those consumers said they lost due to fraud in the past year was Ksh226,132. For those who said they lost money due to fraud in Kenya, the median stated amount lost was Ksh116,108^[2].

TransUnion came to its conclusions about digital fraud based on intelligence from TransUnion TruValidate.

Specific country and regional data in the report includes Kenya, Botswana, Brazil, Canada, Chile, Colombia, the Dominican Republic, Guatemala, Hong Kong, India, Mexico, Namibia the Philippines, Puerto Rico, Rwanda, Spain, South Africa, the United Kingdom, the United States and Zambia. Download the TransUnion H1 2025 Update to the State of Omnichannel Fraud Report for more information and insights about the global fraud trends.

^{[1] The rate or percentage of suspected digital fraud attempts reflects those which TransUnion customers determined met one of the following conditions: 1) denial in real time due to fraudulent indicators, 2) denial in real time for corporate policy violations, 3) fraudulent upon customer investigation, or 4) a corporate policy violation upon customer investigation — compared to all transactions assessed. The country and regional analyses examined transactions in which the consumer or suspected fraudster was located in a select country or region when conducting a transaction. Global statistics represents every country worldwide and not just the select countries and regions.}

^{[2] Based on the exchange rate on 6 Jan. 2025}

Globally, TransUnion found communities experienced the highest rate of suspected digital fraud attempts in 2024. Nearly 12% of all attempted transactions within communities were suspected to be digital fraud last year. This was closely followed by video gaming (11%), with gaming at 8% and retail (8%) rounding out the top four.

The logistics industry, which has seen growth in shipping fraud (often perpetrated by organised crime rings), saw the greatest suspected digital fraud volume growth globally in 2024, up more than 100% over 2023. That being said, the fraud rate remains at a relatively modest at 3%. Gaming also saw a significant year-over-year (YoY) volume change, up 20%. Telecommunications (-79%), insurance (-29%) and video gaming (-23%) saw the greatest decreases in suspected digital fraud volume YoY.

“Digital fraud on community platforms is by no means a new phenomenon. In 2024, it appears that fraudsters targeted these areas with a renewed vigour,” said Amritha Reddy, senior director of fraud solutions at TransUnion Africa. “Cybercriminals take advantage of the trust inherent on community-based platforms, and target members with a wide range of scammer solicitations, the most reported type of digital fraud in communities.

“It is encouraging to see that attempts at digital fraud have decreased across all but two of the surveyed industries in Botswana,” Reddy says. “Organisations that draw on identity, device and behavioural insights to help them interact with legitimate consumers while mitigating fraud risk are more likely to protect themselves and their customers from the scourge of digital fraud.”

Highest Digital Fraud Rates Across Leading Industries in Botswana

Source: TransUnion TruValidate™                                                                     

*Insurance, government, video gaming, logistics, travel and leisure and communications were not included due to low transaction volumes in these sectors

Fraud Comes with a Heavy Cost to Consumers

Consumers faced significant losses due to fraud. Among consumers TransUnion surveyed in 18 countries and regions in November and December 2024, 29% said they lost money due to email, online, phone call or text messaging fraud in the last year. The survey determined that the median amount those consumers said they lost due to fraud in the past year was BWP23,957^[2].

TransUnion came to its conclusions about digital fraud based on intelligence from TransUnion TruValidate.

Specific country and regional data in the report includes Botswana, Brazil, Canada, Chile, Colombia, the Dominican Republic, Guatemala, Hong Kong, India, Kenya Mexico, Namibia the Philippines, Puerto Rico, Rwanda Spain, South Africa, the United Kingdom, the United States and Zambia. Download the TransUnion H1 2025 Update to the State of Omnichannel Fraud Report for more information and insights about the global fraud trends.

^{[1] The rate or percentage of suspected digital fraud attempts reflects those which TransUnion customers determined met one of the following conditions: 1) denial in real time due to fraudulent indicators, 2) denial in real time for corporate policy violations, 3) fraudulent upon customer investigation, or 4) a corporate policy violation upon customer investigation — compared to all transactions assessed. The country and regional analyses examined transactions in which the consumer or suspected fraudster was located in a select country or region when conducting a transaction. Global statistics represents every country worldwide and not just the select countries and regions.}

^{[2] Based on the exchange rate on 23 April 2025}

Sixty-seven percent of Rwandans TransUnion surveyed from 21 November to 11 December 2024 indicated that they had been targeted by email, online, phone call or text messaging fraud in the last three months with 10% saying that they had become victims. Among those who said they were targeted, the most common reported schemes were money mule scams where users are solicited to move illegally acquired money on behalf of someone else (30%), social engineering scams where users are persuaded to give personal information or money (29%) and unemployment fraud (27%).

In a separate question from that same survey, more than four in ten (44%) said that they had lost money to email, online, phone call or text messaging fraud in the last year. Nearly three in ten (29%) of those who said they lost money reported it happening from money mule scams. This was followed by 24% from third-party seller scams on legitimate online retail sites and 23% from social engineering scams.

These and other findings came from research used for building the newly released TransUnion (NYSE: TRU) H1 2025 Update to the State of Omnichannel Fraud Report, which shows how Rwandan consumers continue to be targeted by fraudsters through a wide range of channels.

“Rwandans use mobile phones to conduct their everyday business, connect with friends, or send and receive money, so it’s easy to understand why digital fraud would be such a common tactic among fraudsters targeting consumers in this region,” said Amritha Reddy, senior director of fraud solutions at TransUnion Africa. "While cybercriminals will attack at any time using any channel, they appear to focus on channels most popular in the regions they are targeting.”

One-third (33%) of Rwandan respondents indicated that they were not aware of being targeted by email, online, phone call or text messaging fraud at all, which raises questions as to whether these respondents were in fact targeted, yet simply unaware of the threat.

Based on the TransUnion study, Rwanda had the second lowest percentage of respondents among countries surveyed in Africa who said they fell victim to email, online, phone call or text messaging fraud in the second half of 2024. In contrast, South Africa had the highest percentage of consumers who said they fell victim to fraud in the countries surveyed across the continent.

Table 1: Fraud Types Most Frequently Used to Target Consumers in Sub-Saharan Africa in the Last Three Months

   Source: TransUnion Consumer Pulse Survey of 361 Rwandans in December 2024

Communities and Video Gaming Among Top Industries Targeted by Suspected Digital Fraud

Globally, TransUnion determined that communities (online forums and dating sites) experienced the highest rate of suspected digital fraud^[1] attempts in 2024. Nearly 12% of all attempted transactions within communities were suspected to be digital fraud last year. This is closely followed by video gaming (11%), with gaming (including online betting, poker, etc.) at 8% and retail (8%) rounding out the top four.

The logistics industry, which has seen growth in shipping fraud (often perpetrated by organized crime rings), saw the greatest suspected digital fraud volume growth globally in 2024, up more than 100% over 2023. The fraud rate remains at a relatively modest 3%. Gaming also saw a significant year-over-year (YoY) volume change, up 20%. Telecommunications (-79%), insurance (-29%) and video gaming (-23%) saw the greatest decreases in suspected digital fraud volume YoY.

“Digital fraud on community platforms is by no means a new phenomenon. In 2024, it appears that fraudsters targeted these areas with a renewed vigour,” said Reddy. “Cybercriminals take advantage of the trust inherent on community-based platforms, and target members with a wide range of scammer solicitations, the most reported type of digital fraud in communities.”

For attempted transactions where the consumer or fraudster was located in Rwanda, retail experienced the highest suspected digital fraud attempt rate in 2024 at 7.9% with an 11.7% decrease in the volume of suspected digital fraud from 2023. The biggest increase in suspected digital fraud attempts was in gaming transactions, rising 12.5% YoY.

“It is encouraging to see that attempts at digital fraud have decreased across half of the surveyed industries in Rwanda,” Reddy says. “Organisations that draw on identity, device and behavioural insights to help them interact with legitimate consumers while mitigating fraud risk are more likely to protect themselves and their customers from the scourge of digital fraud.”

Table 2: Highest Digital Fraud Rates Across Leading Industries in Rwanda

Source: TransUnion TruValidate™

*Insurance, government, video gaming and logistics were not included due to low transaction volumes in these sectors

Fraud Comes with a Heavy Cost to Consumers

Consumers faced significant losses due to fraud. Among consumers TransUnion surveyed in 18 countries and regions in November and December 2024, 29% said they lost money due to email, online, phone call or text messaging fraud in the last year. The survey determined that the median amount those consumers said they lost due to fraud in the past year was RF 2,440,559. For those who said they lost money due to fraud in Rwanda, the median stated amount lost was RF 733,425^[2].

TransUnion came to its conclusions about digital fraud based on intelligence from TransUnion TruValidate.

Specific country and regional data in the report includes Rwanda, Botswana, Brazil, Canada, Chile, Colombia, the Dominican Republic, Guatemala, Hong Kong, India, Kenya Mexico, Namibia the Philippines, Puerto Rico, Spain, South Africa, the United Kingdom, the United States and Zambia. Download the TransUnion H1 2025 Update to the State of Omnichannel Fraud Report for more information and insights about the global fraud trends.

^{[1] The rate or percentage of suspected digital fraud attempts reflects those which TransUnion customers determined met one of the following conditions: 1) denial in real time due to fraudulent indicators, 2) denial in real time for corporate policy violations, 3) fraudulent upon customer investigation, or 4) a corporate policy violation upon customer investigation — compared to all transactions assessed. The country and regional analyses examined transactions in which the consumer or suspected fraudster was located in a select country or region when conducting a transaction. Global statistics represents every country worldwide and not just the select countries and regions.}

^{[2] Based on the exchange rate on 6 Jan. 2025}

Seventy-nine percent of Zambians TransUnion surveyed from 21 November to 11 December 2024 indicated that they had been targeted by email, online, phone call or text messaging fraud in the last three months with 9% saying that they had become victims in the last three months. Among those who said they were targeted, the most reported schemes were smishing where fraudulent text messages attempt to trick users into revealing data (35%), phishing where fraudulent emails, websites, social posts or QR codes attempt to steal data (32%), vishing where fraudulent phone calls induce users to reveal information (26%) and social engineering scams where fraudsters try to persuade people to give them personal information (26%).

In a separate question in the same survey, more than one third (36%) said that they had lost money to email, online, phone call or text messaging fraud in the last year. Nearly three in ten (27%) of Zambians who said they lost money reported it happening from third-party seller scams on legitimate retail websites. This was followed by 24% who had lost money in money mule scams where users are solicited to transfer illegally acquired money and 19% who lost money in social engineering scams where someone is persuaded to give up personal information or money.

These and other findings came from research used for building the recently released TransUnion (NYSE: TRU) H1 2025 Update to the State of Omnichannel Fraud Report, which shows how Zambian consumers continue to be targeted by fraudsters through a wide range of channels.

“Zambians use mobile phones to conduct their everyday business, connect with friends, or send and receive money, so it’s easy to understand why smishing would be such a common fraud tactic among fraudsters targeting this region,” said Amritha Reddy, senior director of fraud solutions at TransUnion Africa. "While cybercriminals will attack at any time using any channel, they appear to focus on channels most popular in the regions they are targeting.”

More than one fifth (21%) of Zambian respondents indicated that they were not aware of being targeted by email, online, phone call or text messaging fraud at all, which raises questions as to whether these respondents were in fact targeted yet were simply unaware of the threat.

Based on the TransUnion study, Zambia had the lowest percentage of respondents among countries surveyed in Africa who said they fell victim to email, online, phone call or text messaging fraud in the second half of 2024. In contrast, South Africa had the highest percentage of consumers who said they fell victim to fraud among the countries surveyed across the continent.

Table 1: Fraud Types Most Frequently Used to Target Consumers in Sub-Saharan Africa in the Last Three Months

   Source: TransUnion Consumer Pulse Survey of 411 people in Zambia in December 2024

Communities and Video Gaming Among Top Industries Targeted by Suspected Digital Fraud

Globally, TransUnion determined that communities (online forums and dating sites) experienced the highest rate of suspected digital fraud^[1] attempts in 2024. Nearly 12% of all attempted transactions within communities were suspected to be digital fraud last year. This is closely followed by video gaming (11%), with gaming (including online betting, poker, etc.) at 8% and retail (8%) rounding out the top four.

The logistics industry, which has seen growth in shipping fraud (often perpetrated by organized crime rings), saw the greatest suspected digital fraud volume growth globally in 2024, up more than 100% over 2023. The fraud rate remains at a relatively modest 3%. Gaming also saw a significant year-over-year (YoY) volume change, up 20%. Telecommunications (-79%), insurance (-29%) and video gaming (-23%) saw the greatest decreases in suspected digital fraud volume YoY.

“Digital fraud on community platforms is by no means a new phenomenon. In 2024, it appears that fraudsters targeted these areas with a renewed vigour,” said Reddy. “Cybercriminals take advantage of the trust inherent on community-based platforms, and target members with a wide range of scammer solicitations, the most reported type of digital fraud in communities.”

For attempted transactions where the consumer or fraudster was located in Zambia, retail experienced the highest suspected digital fraud attempt rate in 2024 at 6.8% with a 15.4% increase in the volume of suspected digital fraud from 2023. The biggest increase in suspected digital fraud attempts was in insurance which increased 311.1% YoY.

“It is encouraging to see that attempts at digital fraud have decreased across all but three of the surveyed industries in Zambia,” Reddy says. “Organisations that draw on identity, device and behavioural insights to help them interact with legitimate consumers while mitigating fraud risk are more likely to protect themselves and their customers from the scourge of digital fraud.”

Table 2: Highest Digital Fraud Rates Across Leading Industries in Zambia

Source: TransUnion TruValidate™

Digital Fraud Comes with a Heavy Cost to Consumers

Consumers faced significant losses due to fraud. Among consumers TransUnion surveyed in 18 countries and regions in November and December 2024, 29% said they lost money due to email, online, phone call or text messaging fraud in the last year. The survey determined that the median amount those consumers said they lost due to fraud in the past year was ZK48,787. For those who said they lost money due to fraud in Zambia, the median stated amount lost was ZK6,479^[2].

TransUnion came to its conclusions about digital fraud based on intelligence from TransUnion TruValidate.

Specific country and regional data in the report includes Zambia, Botswana, Brazil, Canada, Chile, Colombia, the Dominican Republic, Guatemala, Hong Kong, India, Kenya Mexico, Namibia, the Philippines, Puerto Rico, Rwanda, Spain, South Africa, the United Kingdom, and the United States. Download the TransUnion H1 2025 Update to the State of Omnichannel Fraud Report for more information and insights about the global fraud trends.

^{[1] The rate or percentage of suspected digital fraud attempts reflects those which TransUnion customers determined met one of the following conditions: 1) denial in real time due to fraudulent indicators, 2) denial in real time for corporate policy violations, 3) fraudulent upon customer investigation, or 4) a corporate policy violation upon customer investigation — compared to all transactions assessed. The country and regional analyses examined transactions in which the consumer or suspected fraudster was located in a select country or region when conducting a transaction. Global statistics represents every country worldwide and not just the select countries and regions.}

^{[2] Based on the exchange rate on 6 Jan. 2025}

Sixty-three percent of Namibians TransUnion surveyed from 21 November to 11 December 2024 indicated that they had been targeted by email, online, phone call or text messaging fraud in the last three months, with 11% saying that they had become victims. Among those who said they were targeted, the most common reported schemes were vishing, where fraudulent phone callers try to induce the user into sharing data (30%), phishing, where fraudulent emails, websites, social posts or QR codes are meant to steal personal data (24%), and third-party seller scams on legitimate online retail sites (22%).

In a separate question from that same survey, nearly one third (31%) said that they had lost money to email, online, phone call or text messaging fraud in the last year. One third (33%) of those who said they lost money reported it happening from stolen credit cards or fraudulent charges. This was followed by 27% who lost money via third-party seller scams on legitimate online retail sites, and 21% who lost money via phishing.

These and other findings came from research used for building the newly released TransUnion (NYSE: TRU) H1 2025 Update to the State of Omnichannel Fraud Report, which shows how Namibian consumers continue to be targeted by fraudsters through a wide range of channels.

“Namibia has a 110% mobile phone penetration rate, with people using mobile phones to conduct their everyday business, connect with friends, or keep in touch with family, so it’s easy to understand why digital fraud would be such a common tactic among fraudsters targeting this region,” said Amritha Reddy, senior director of fraud solutions at TransUnion Africa. "While cybercriminals will attack at any time using any channel, they appear to focus on channels most popular in the regions they are targeting.”

Thirty-seven percent of Namibian respondents indicated that they were not aware of being targeted by email, online, phone call or text messaging fraud at all, which raises questions as to whether these respondents were in fact targeted, yet simply unaware of the threat.

Based on the TransUnion study, Namibia tied Kenya with having the second highest percentage of respondents who said they fell victim to email, online, phone call or text messaging fraud in the second half of 2024 among countries surveyed in Africa. In contrast, Zambia had the lowest percentage of consumers who said they fell victim to fraud in the countries surveyed across the continent.

Table 1: Fraud Types Most Frequently Used to Target Consumers in Sub-Saharan Africa in the Last Three Months

   Source: TransUnion Consumer Pulse Survey of 308 people in Namibia in December 2024

Communities and Video Gaming Among Top Industries Targeted by Suspected Digital Fraud

Globally, TransUnion determined that communities (online forums and dating sites) experienced the highest rate of suspected digital fraud^[1] attempts in 2024. Nearly 12% of all attempted transactions within communities were suspected to be digital fraud last year. This is closely followed by video gaming (11%), with gaming (including online betting, poker, etc.) at 8% and retail (8%) rounding out the top four.

The logistics industry, which has seen growth in shipping fraud (often perpetrated by organized crime rings), saw the greatest suspected digital fraud volume growth globally in 2024, up more than 100% over 2023. The fraud rate remains at a relatively modest 3%. Gaming also saw a significant year-over-year (YoY) volume change, up 20%. Telecommunications (-79%), insurance (-29%) and video gaming (-23%) saw the greatest decreases in suspected digital fraud volume YoY.

“Digital fraud on community platforms is by no means a new phenomenon. In 2024, it appears that fraudsters targeted these areas with a renewed vigour,” said Reddy. “Cybercriminals take advantage of the trust inherent on community-based platforms, and target members with a wide range of scammer solicitations, the most reported type of digital fraud in communities.”

For attempted transactions where the consumer or fraudster was located in Namibia, retail experienced the highest suspected attempted digital fraud rate in 2024 at 8.4% with a 68.5% increase in the volume of suspected digital fraud from 2023. There was a significant 111.8% increase in the volume of suspected digital fraud attempts in the travel and leisure industry YoY, albeit off a low base.

“It is encouraging to see that attempts at digital fraud have decreased across several of the surveyed industries in Namibia,” Reddy says. “Organisations that draw on identity, device and behavioural insights to help them interact with legitimate consumers while mitigating fraud risk are more likely to protect themselves and their customers from the scourge of digital fraud.”

Table 2: Highest Digital Fraud Rates Across Leading Industries in Namibia

Source: TransUnion TruValidate™

*The volume of transactions in logistics, insurance and government was too low for inclusion in this study

Fraud Comes with a Heavy Cost to Consumers

Consumers faced significant losses due to fraud. Among consumers TransUnion surveyed in 18 countries and regions in November and December 2024, 29% said they lost money due to email, online, phone call or text messaging fraud in the last year. The survey determined that the median amount those consumers said they lost due to fraud in the past year was N$32,428. For those who said they lost money due to fraud in Namibia, the median stated amount lost was N$11,174^[2].

TransUnion came to its conclusions about digital fraud based on intelligence from TransUnion TruValidate.

Specific country and regional data in the report includes Namibia, Botswana, Brazil, Canada, Chile, Colombia, the Dominican Republic, Guatemala, Hong Kong, India, Kenya, Mexico, the Philippines, Puerto Rico, Rwanda, Spain, South Africa, the United Kingdom, the United States and Zambia. Download the TransUnion H1 2025 Update to the State of Omnichannel Fraud Report for more information and insights about the global fraud trends.

^{[1] The rate or percentage of suspected digital fraud attempts reflects those which TransUnion customers determined met one of the following conditions: 1) denial in real time due to fraudulent indicators, 2) denial in real time for corporate policy violations, 3) fraudulent upon customer investigation, or 4) a corporate policy violation upon customer investigation — compared to all transactions assessed. The country and regional analyses examined transactions in which the consumer or suspected fraudster was located in a select country or region when conducting a transaction. Global statistics represents every country worldwide and not just the select countries and regions.}

^{[2] Based on the exchange rate on 6 Jan. 2025}

The findings from TransUnion Consumer Pulse Study for Q2 2024 revealed a slight improvement in credit access but a significant surge in credit demand. According to the study, consumer demand for credit increased, with 48% of respondents planning to seek new or refinance existing credit within the next year, an increase of 10 percentage points from 2023. While 96% of respondents considered access to credit and lending products important for achieving their financial goals, only 32% felt they had adequate access, a slight improvement from 30% the year before. Among those intending to apply for credit, 53% considered new personal loans, with Millennials and Gen X showing the most interest in this type of credit.

To help consumers navigate these financial challenges, Mildred Stephenson, Chief Executive Officer at TransUnion Zambia, offers the following tips to ensure individuals understand their options and make informed choices that can contribute to increased financial inclusion:

1. Create a Budget: Track your income and expenses to understand where your money is going. This will help you identify areas where you can cut back and save more. It will also help you determine if you can afford repayments on any credit you might be applying for.
2. Build an Emergency Fund: Set aside money for unexpected expenses. This can prevent you   from relying solely on credit during financial emergencies.
3. Pay Bills on Time: Late payments can negatively impact your credit score. Set up reminders or automatic payments to ensure you never miss a due date.
4. Use Credit Cards Responsibly: Use credit cards wisely and avoid carrying a balance from month to month whenever possible. Pay off your credit card balance in full each month to avoid interest charges.
5. Avoid Unnecessary Debt: Only take on debt that is necessary and manageable. Before applying for new credit, consider whether it is essential and if you can afford the repayments.
6. Monitor Your Credit Report: Regularly check your credit report to ensure there are no errors and to keep track of your credit score. This can help you identify and address any issues early on.
7. Accessing your credit report: Your credit report is a crucial document that provides a summary of your personal financial history. Regularly checking your credit report helps you ensure the information is accurate and spot any signs of identity theft early

To obtain your credit report, you can:

• Call TransUnion: At 0211 220 530/36/420500 or 0955985107/5307.
• Email TransUnion: Send an email to CustomerCareZM@transunion.com 
• Visit TransUnion at:  5th Floor, Sun Share Tower, Plot No. 15584 / 1, Katima Mulilo Road, Olympia, Lusaka, Zambia.

“We recognise the critical role financial literacy plays in empowering Zambians to make informed financial decisions. By understanding and improving credit health, managing debts responsibly and enabling a culture of informed financial choices, we can collectively build a more financially inclusive and resilient Zambia. At TransUnion, we are committed to providing the necessary tools and insights to support this journey towards financial empowerment.” concludes Stephenson.

TransUnion Kenya, a global information and insights company, and global analytics software leader FICO are leading the charge in transforming the country’s financial landscape with new groundbreaking risk solutions that are designed to broaden access to credit and empower financial institutions. By leveraging enriched data and analytics, lenders can now make more informed decisions, which foster greater economic empowerment and build a more resilient financial ecosystem.

The two new solutions at the heart of this transformation are TransUnion’s CreditVision® Variables solution and the FICO^® Score. Together, they address critical challenges in risk assessment and financial inclusion. CreditVision Variables provides an enhanced view of consumer financial behaviour, analysing over 145 data sources and up to 24 months of historical payment data. The new FICO Score is built for the Kenyan market using proprietary predictive analytics technology and over 4 million records from the TransUnion database.

Enhancing traditional credit risk strategies with the FICO Score and comprehensive data analysis can improve risk predictability and enable lenders to extend financial services to more consumers. In other global markets, lenders integrating CreditVision Variables into their credit risk strategies have experienced a significant boost in risk predictability by 20%-30%. This enhancement has led to a notable improvement in approval rates, ranging from 15%-20%.

CreditVision Variables can address essential business needs by:

• Cost-effectively identifying and engaging the right new customers
• Growing and optimising the profitability of existing customers
• Providing insights into customer motivations and behaviours

“The effects of these innovations are expected to be profound. Consumers, Small, Micro and Medium- sized Enterprises (SMMEs) and other businesses can benefit from greater access to credit and financial services, enabling them to improve their financial health and achieve their goals. Lenders will have access to better risk management and decision-making tools, leading to greater financial inclusion and economic empowerment, and driving more sustainable overall economic growth and stability,” said Morris Maina, CEO of TransUnion Kenya.

TransUnion has partnered with global analytics software pioneer FICO across Africa since 1997 and the two firms are now expanding their partnership to Kenya to introduce FICO’s advanced scoring models designed to meet the needs of the local market. This collaboration aims to improve credit-granting processes by equipping lenders with these advanced tools to manage portfolio risk and monitor credit activity.

The FICO Score is the latest evolution of credit scoring for the Kenyan market and has been designed to reflect the rapidly evolving lending ecosystem, where microlending, in particular, is more embedded than before. This single credit risk score provides lenders with a more granular and effective means of credit risk assessment, enabling a more accurate understanding of borrowers, and provides a significant boost in predictive power across all forms of lending. The predictive power of the new Kenya-specific FICO Score is significant across all forms of lending, with specific industries, such as microlending, performing particularly well. This is important in the Kenya context as 95% of scoreable consumers have at least one microlending tradeline.

Benefits of using the FICO Score include:

• A single credit score to help lenders make credit decisions across both traditional credit products and microlending, including mobile loans
• Rapid approval/decline decisions for new applicants, reducing friction at the acquisition stage
• Refined allocation of credit limits and loan amounts
• Consistent risk-based pricing and terms of business
•  Improved risk management, giving lenders the confidence to make more credit available while controlling losses
• Greater efficiency using a single score across both traditional and digital lending channels

The FICO Score is a numerical snapshot of a consumer’s credit risk, providing a measure of their likelihood of fulfilling credit obligations. Using data from TransUnion, the model generates a score ranging from 300 to 850, where the higher scores indicate lower credit risk. Each credit score comes with the top four reasons for its calculation, offering transparency and actionable insights into factors impacting the score. The score is calculated on request by the lender and uses the latest information in the TransUnion file.

“This level of transparency aids both lending officers and consumers,” said Mike Manaton, Vice President of Scores at FICO. “The FICO Score provides clear insights into the factors influencing a consumer’s score. Additionally, it enables lenders to assess applicants more accurately, tailor credit terms accordingly and enable credit access for more consumers.”

An example of the power of the FICO Score is the distribution of accounts across the score range. As shown below, the risk decreases sharply as the score rises, with consumers scoring in the highest-risk decile (300-442) representing about nine times the risk of consumers scoring in the lowest-risk decile (682-850).

According to TransUnion's Q2 2024 Consumer Pulse Study, financial inclusion in Kenya continues to improve. Its insights showed that 36% of consumers felt they had sufficient access to credit compared to 33% who felt the same a year ago. The increase in financial inclusion is noteworthy because well over half (60%) of consumers said they were considering applying for new or refinancing existing credit within the next 12 months.

"We welcome this global innovation in Kenya and are confident that the industry will adopt these solutions to drive the country’s Financial Inclusion agenda. Financial inclusion remains a key focus for the industry, as it is essential for fostering economic growth and empowering communities. By embracing these new technologies, we can ensure broader access to financial services, in turn supporting sustainable development and prosperity for all," said John Gachora, Chairman of the Kenya Bankers Association (KBA).

Discover more about CreditVision Variables here and the FICO Score here.

Supporting industry quotes:

“TransUnion Kenya's and FICO’s new credit risk solutions are a game-changer for the region. At CIS Kenya, we believe these innovative solutions will empower businesses to make more informed decisions and drive economic growth." Jared Getenga, Chief Executive Officer, Credit Information Sharing Association of Kenya - CIS Kenya

ENDS