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.

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}

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.

In the first half (H1) of 2024, 1.9% of all attempted digital transactions where the consumer was located in Zambia were identified as suspected Digital Fraud in a recent TransUnion® (NYSE:TRU) analysis. Zambia had the second lowest rate of suspected Digital Fraud in the first half of 2024 out of the 19 countries and regions for which TransUnion provided regional breakdowns.

TransUnion also determined that retail, financial services and gaming were the industries that had the highest suspected Digital Fraud rate for transactions where the consumer was in Zambia during the analysis period.

Some of these findings are in the newly released TransUnion H2 2024 Update to the State of Omnichannel Fraud Report, which explores fraud trends in the first half (Jan. 1-June 30) of this year. It found that some industries were particularly targeted, even though Digital Fraud affects many industries in Zambia.

This is at a time when 83% of Zambian consumers said in Q2 2024 that they were targeted with online, email, phone call or text messaging fraud attempts in the last three months, and of those consumers only 8% reported falling victim^[1].

“Despite the good-faith efforts that are being made by global organisations to identify and prevent fraud to date, fraudsters continue to evolve. In that sense, businesses should ensure that they are taking advantage of fraud prevention technologies such as identity verification, IP intelligence, device reputation and synthetic identity detection as critical components of their fraud prevention programs,” said Amritha Reddy, senior director of fraud solutions at TransUnion Africa.

Table 1: Industries with the Highest Rate of Suspected Digital Fraud Attempts Where the Consumer was in Zambia in H1 2024

Source: TransUnion TruValidate™

The communities industry experienced the largest percentage (11.5%) of suspected Digital Fraud globally in H1 2024, according to data in TransUnion TruValidate. Globally, TransUnion’s communities customers reported profile misrepresentation (where a user posts inaccurate information in a profile and/or uses bogus profile photos) as the most frequent type of Digital Fraud they witnessed in H1 2024. Communities was the industry with the highest suspected Digital Fraud rate in seven of the 19 countries and regions for which TransUnion provided breakdowns in H1 2024.

New Account Fraud Risk Threatens Digital Experiences

Digital fraud can occur at different steps in a customer’s transaction process, and more than two-thirds of business leaders surveyed by TransUnion indicated that at least 25% of their organisation’s new account openings are done online, with more than a third saying that it was 51% or more^[2]. For transactions where the consumer was in Zambia, 12.7% of digital account opening attempts were suspected of Digital Fraud, with 1.5% of digital account login attempts also being suspected of Digital Fraud in H1 2024.

“Digital Fraud waxes and wanes, but the trends in cybercrime and consumer scams are clear,” said Mildred Stephenson, CEO of TransUnion Zambia. “Now and in the future, organisations face more sophisticated cybercriminals weaponizing identity data at scale to perpetuate first- and third-party fraud schemes. Fraud prevention is a necessary cost that needs to be as efficient as possible, using better data and risk signals, advanced analytics, and integrated technology, without increasing lost business and additional expense from false positives.”

TransUnion also determined synthetic identity fraud (the use of personally identifiable information or PII to fabricate a person or entity in order to commit a dishonest act for personal or financial gain) was the fastest growing Digital Fraud type volume-wise globally reported to TransUnion by its customers from H2 2023 to H1 2024, increasing 153%. Electronic fund transfers (also known as ACH/debit payments) fraud saw the highest YoY volume growth worldwide, up 113% from H1 2023 to H1 2024. However, promotion abuse (consumers or fraudsters taking advantage of marketing offers to receive unintended financial incentives) was the most common Digital Fraud type globally in H1 2024, accounting for 3.6% of all Digital Fraud reported to TransUnion by its customers.

About the Analysis

TransUnion came to its conclusions about Digital Fraud based on intelligence from its identity and fraud product suite that helps secure trust across channels and delivers efficient consumer experiences – TransUnion TruValidate. 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.

Download the TransUnion H2 2024 Update to the State of Omnichannel Fraud Report to learn more. Specific country and regional data in the report include Zambia, Botswana, Brazil, Canada, Chile, Colombia, the Dominican Republic, Hong Kong, India, Kenya, Mexico, Namibia, Rwanda, South Africa, the Philippines, Puerto Rico, Spain, the United Kingdom, and the United States.

^[1] TransUnion survey of 500 Zambian consumers from May 1-20, 2024

^[2] TransUnion business survey of 801 business leaders from May 14–29, 2024

According to information and insights company TransUnion’s latest Consumer Pulse Survey, Zambian households are facing significant financial challenges like small business closures, job losses and rising inflation.

According to the study, 33% of households reported an increase in income (a five percentage-point drop from Q2 2023) and 29% reported a drop in their income over the past three months. Despite this, 79% of consumers expect their incomes to improve over the next 12 months, although this was three percentage points lower than a year ago.

“While consumers are cautiously optimistic about their future incomes, elevated inflation and tight lending conditions will continue to weigh on household consumption in 2024,” says Mildred Stephenson, CEO TransUnion Zambia.

Consumer responses to economic strain

With inflation having risen to 13.8% in April 2024, the number of consumers who expect to be able to pay all of their current bills and loans in full dropped to 65% (down two percentage points from the same time last year). This financial pressure may have led many to consider paying their current bills and loans by taking on temporary work (47%), making partial payments (39%) or borrowing from friends and family (29%).

Possibly in response to rising interest rates, 30% of respondents said they paid down their debt faster in the last three months – down seven percentage points from a year ago. This could be a result of disposable incomes having taken a knock with bank lending rates increasing to 28% in May 2024 (their highest level since 2020). In May, the Bank of Zambia also raised its policy rate by 100 basis points to 13.5% to address persistently high inflation – with no anticipated monetary easing until 2025.

Spending also appears to have been affected by the increasing rates. Over the past three months, 61% of consumers reported reducing their discretionary spending (dining out, travel, entertainment) and half of the surveyed households (50%) said they had cancelled or reduced digital services (a 10 percentage-point increase from Q2 2023).

Almost one in four households (26%) reports boosting their contributions to emergency funds, but a concerning trend was the rise in consumers reporting reduced retirement savings at 18% (versus 11% last year).

Looking ahead, consumers plan to pay more on bills and loans (47%) and medical services (45%), and boost retirement funds and investing (40%) in the next three months.

Credit access and demand

While 96% of Zambian respondents consider access to credit important for achieving their financial goals, only 32% feel that they have adequate access – a slight improvement from 30% last year.

In Q2 2024, the demand for credit surged with 48% of consumers planning to seek new or refinance existing credit in the next year, a notable 10 percentage-point increase from a year ago. Millennials (27–42 years old) and Gen X (43–58 years old) showed the highest demand at 54% each. Among those planning to apply for new or refinance existing credit within the next year, 53% said they’ll apply for a new personal loan in the next year, a significant 12 percentage-point jump from last year. Millennials (57%) and Gen X (64%) showed the most appetite for new personal loans.

However, 47% of potential borrowers reported abandoning their plans to take out new credit, with 38% citing the high cost of credit as the top reason for this decision.

Monitoring credit reports

Monitoring their credit status is viewed as extremely, very or moderately important by 90% of consumers, yet just below half (49%) say they review their credit reports monthly, and 27% don’t monitor them at all. A growing number of consumers (49%, up from 47% last year) believe that incorporating alternative data, such as rental payments and gym memberships would improve their credit scores.

Fraud concerns

Ecommerce is on an upward trend with 34% (compared to 28% last year) of respondents saying they conduct over half their transactions online. However, fraud poses a significant concern, with 75% reporting that they were targeted online, email, phone call or text messaging fraud in the past three months but avoided falling victim.

Among those who said they were targeted, money and gift card scams were the most common reported methods, at 50%, (up from 46% last year) followed by smishing (43%), and phishing and vishing (both at 36%). Consumer concern regarding sharing personal information remains notably high, at 95%. The main concerns included invasion of privacy (79%), fear of identity theft (77%) and receiving unsolicited marketing communications (40%).

“These findings highlight the importance of robust data protection measures and privacy policies. At the same time, consumers should check their credit reports regularly to flag any possible fraud that affects their credit scores, as early as possible,” says Stephenson.

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

TransUnion found across industries in 2023, 1.5% of all transactions where the consumer was in Zambia were flagged as being suspected Digital Fraud – a 40% YoY increase.

The TransUnion report revealed that nearly one in seven (13.5%) newly created accounts are suspected to be created via Digital Fraud globally, largely driven by bad actors using fabricated or stolen identities. This may indicate a shift in the tactics deployed by fraudsters hoping to engage earlier in the transactional process.

Examples of the types of transactions that take place during the account creation process include account signup, registration and loan origination. Among the industries that saw the highest percentage of digital account creation transactions suspected to be Digital Fraud globally in 2023 were retail (44.7%), travel and leisure (36.0%), and video gaming (31.5%).

Similarly, for transactions where the consumer was in Zambia, the highest percentage of suspected Digital Fraud in the online customer journey occurred at account creation, at 9.2%, varying widely by industry.

“This early-phase new account Digital Fraud may represent a paradigm shift of sorts among fraudsters,” said Mildred Stephenson, chief executive officer at TransUnion Zambia. “Instead of using traditional tactics to gain access to and ultimately compromise existing accounts, they are increasingly choosing to create new accounts that they can control themselves. These fraudsters leverage synthetic identities assembled in large part through the use of credentials gathered as a result of one or multiple data breaches.”

Retail Saw the Highest Suspected Digital Fraud Rate in 2023 Globally, While Financial Services Saw the Highest Rate in Zambia*

Source: TransUnion TruValidate™

Overall, the study found that 5% of all global digital transactions were suspected to be Digital Fraud in 2023, with the volume of risky transactions up 14% YoY and 105% from 2019 to 2023. This growth continues to outpace the growth in overall digital transactions, which rose 90% from 2019 to 2023.

Globally, retail surpassed gaming as the industry seeing the highest rate of suspected Digital Fraud in 2023 at 8.7%, up 21% YoY. In addition, the telecommunications industry saw a 111% YoY increase in the suspected Digital Fraud rate, up to 4.5%.

“In recent years, the global retail industry has consistently been among those with the highest suspected fraud attempt rates. However, in 2023 we saw it climb to the top of the list,” said Stephenson. “As a result of credentials stolen in data breaches, often in industries other than retail, it has become increasingly easy for fraudsters to perpetuate attacks that leave retailers vulnerable to account takeover.”

TransUnion came to its conclusions about Digital Fraud based on intelligence from its identity and fraud product suite that helps secure trust across channels and delivers efficient consumer experiences – TransUnion TruValidate. The rate or percentage of suspected Digital Fraud attempts reflect those that 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 report’s findings are based on proprietary insights from TransUnion’s global intelligence network, and includes data from Zambia, Botswana, Brazil, Canada, Chile, Colombia, the Dominican Republic, Hong Kong, India, Kenya, Mexico, Namibia, the Philippines, Puerto Rico, Rwanda, South Africa, Spain, the United Kingdom, and the United States.

For more information and insights about the global fraud trends download the TransUnion 2024 State of Omnichannel Fraud Report to learn more.

*Some industries were excluded from the Zambia study due to a lack of statistically significant data.

Globally, the analysis found 3.6% of all e-commerce transactions over the Black Friday period (23 – 27 November 2023) were suspected to be fraudulent. TransUnion also determined that the average number of suspected digital fraud attempts on any given day during that holiday period globally was 15% higher than the same period in 2022, yet 50% lower than during the rest of 2023.^[1]

The Percentage of Suspected E-Commerce Fraud at the Beginning of the Festive Shopping Season, Compared to the Rest of the Year

* ^{Includes 11 November for Hong Kong}

“Just as the holiday season drives consumers online to begin shopping for gifts for their loved ones, so does it become a destination for fraudsters seeking to take advantage of this time for their financial gain,” said Steve Yin, global head of fraud at TransUnion. “Online retailers must ensure that consumers shopping their sites for the best deals are at the same time protected from fraud in the most seamless and friction-right way possible.”

The study also revealed the suspected digital fraud rate for each day in the holiday shopping period for transactions where the consumer was in Zambia during the transaction and globally. Unlike last year when the Sunday (27 November 2022) of the holiday shopping weekend saw the highest suspected digital fraud rate of 1.83%, the rate during the 2023 holiday period was the highest on Thursday 23 November, at 11.6%.

The Suspected Digital Fraud Rate Varies for Each Day of the 2023 Holiday Shopping Weekend

As part of this analysis, TransUnion also determined the top indicators of fraudulent e-commerce transactions during the holiday shopping season globally. This year, transactions per IP (triggered with an unusual volume of activity from a single Internet Protocol (IP) address to a customer’s site in a short time) and transactions per device (triggered with an unusual volume of activity from a single device to a customer’s site in a short time) were the leading indicators for potential fraud attempts.

“The upcoming holidays mark the biggest shopping season of the year for retailers, but equipping themselves with the proper tools to detect fraud at the first warning sign is a year-round priority said Mildred Stephenson, chief executive officer at TransUnion Zambia.  “A critical way to minimise fraudulent transactions while at the same time protecting legitimate ones involves implementing holistic fraud solutions that can verify customer identity and authenticity at the very beginning of a transaction, including both account creation and login.”

TransUnion came to its conclusions primarily based on intelligence from its identity and fraud product suite, TransUnion TruValidate™, which helps secure trust across channels and delivers efficient consumer experiences. The rate or percentage of suspected digital fraud attempts reflect interactions which TransUnion customers either denied in real time due to fraudulent indicators or determined to be fraudulent after a manual review process—compared to all transactions it assessed for fraud.

To find out how this data varies by select countries and more, TransUnion’s holiday fraud insights can be found here.

Consumers interested in obtaining their TransUnion credit report can dial 0211 220 530/36/420500 and 0955985107/5307, or send an email to CustomerCareZM@transunion.com then follow the instructions.

^[1] For Hong Kong, all holiday analysis also includes Nov. 11

Additionally, 36% of targeted Zambians experienced attempts to lure them into money mule scams, where they were solicited to transfer or move illegally acquired money on behalf of someone else.

During the same time, 35% of targeted Zambians experienced ‘phishing’ attempts, where fraudulent emails, websites or social posts attempted to steal their data, while 31% experienced ‘vishing attempts, where fraudulent callers tried to get them to reveal personal information.

However, the top types of digital fraud which Zambian consumers were most worried about differed from the attempts reported. Two-thirds of Zambians (67%) were concerned that their accounts would be taken over and used without their permission, 64% feared identity theft, and 63% were worried about third-party seller scams on legitimate online retail sites.

Data in the 2023 State of Omnichannel Fraud Report blends proprietary insights from TransUnion’s global intelligence network and a specially commissioned TransUnion consumer survey in 18 countries and regions globally.

The study showed that globally, 4.6% of all digital transactions were suspected to be fraudulent. This percentage is in line with the rates found in 2019. However, despite the similarities to the percentage prior to the pandemic, due to the marked rise in number of digital transactions in the last few years, the total volume of all suspected digital fraud attempts has increased dramatically. Globally, such attempts have increased by 80% from 2019 to 2022.

Mildred Stephenson, chief executive officer at TransUnion Zambia, said: “The explosion of digital transactions, the accelerated adoption of digital technologies, and increasing appetites for faster access to funds and credit, have led to an increase in fraud losses, particularly in digital channels. Consumers are expecting organisations to protect their identities and online accounts, and those companies that do not adequately honour those preferences may lose business as a result.”

“Zambian businesses need to take proactive steps to protect themselves and their customers. This means ensuring that identity proofing and authentication is up-to-date and as robust as possible.” 

Of Zambian consumers surveyed, 75% said they had been targeted by an email, online, phone call or text message fraud scheme and 12% of those fell victim. Nearly one-third (32%) of the Zambians that had discovered that they were victims of fraud placed a freeze on their credit accounts, while 26% called the police.  

Stephenson continued: “Rates of digital fraud attempts by sector tend to change rapidly, as fraudsters innovatively shift focus to where there are new opportunities to make financial gain. They will be agile in targeting consumers and organisations as Zambia navigates this current period of global economic uncertainty.

“At TransUnion, we help businesses across a wide range of industries prevent fraud by using intelligent predictive solutions to deliver better experiences – helping to outflank those who would take advantage otherwise and reassure customers that their personal data will not be compromised.”

TransUnion monitors digital fraud attempts reported by businesses in varied industries such as gaming, financial services, healthcare, insurance, retail, and travel and leisure, among others. The conclusions are based on intelligence from billions of transactions and more than 40,000 websites and apps contained in TransUnion’s flagship identity proofing, risk-based authentication and fraud analytics solution suite –TruValidate.

For more information and insights about our global fraud trends, please download the report here.