TransUnion Reports US Businesses Lose 9.8% of Revenue to Fraud
- Companies lost 7.7% of their annual revenue to fraud in the past year
- The United States has a fraud loss rate that is 27% higher than the global average
- U.S. House Committee on Financial Services recently convened to discuss the issue
Fraud is inflicting record-setting damage on businesses worldwide, according to TransUnion’s H2 2025 Global Fraud Report, which draws on proprietary data from TransUnion’s global intelligence network and surveys of business leaders in six countries and consumers across 18 countries. Their recent survey of 1,200 business leaders reveals that companies lost an astonishing 7.7% of their annual revenue to fraud in the past year—totaling an estimated $534 billion.
In the United States, the situation is even more alarming, with losses averaging 9.8% of annual revenue, up 46% from 2024 and 27% higher than the global average. For the surveyed U.S. companies alone, this represents $114 billion in lost revenue—underscoring the urgent need for strengthened fraud defenses.
Types of Fraud/Scams
The types of fraud that batter businesses have grown not only in scale but also in complexity. The most damaging schemes globally include:
- Scam/authorized fraud (31% of reported losses)
- Synthetic identity fraud (20% of reported losses)
- Account takeover (20% of reported losses)
Additionally, consumers are also under siege: 48% globally—and over half in the U.S.—reported being targeted by scams such as Phishing, Smishing, or Vishing between February and May 2025.
Even more concerning, roughly half of those surveyed were unaware of whether they had been targeted by any of the above attacks, highlighting significant gaps in fraud awareness. Phishing and smishing were especially prevalent among U.S. consumers, and nearly 80% of U.S. data breaches this year exposed full Social Security numbers, creating lasting impacts on personal and financial security.
USA's Unique Fraud Challenges
As seen in the data, the US rate of fraud losses are 27% higher than the global average. What makes the US unique is the diversity of the payment channels -- specifically the heavy usage of paper checks. And, as noted by Visual Capitalist/Citizens Bank, "check fraud is by far the most common type that financial institutions report."
Check fraud issues have even caught the attention of the US Government, with The Oversight and Investigations Subcommittee of the U.S. House Committee on Financial Services recently convening to address the increase in check fraud.
Additionally, A House Financial Services Committee press release highlights the hearing, positioning check fraud as a top topic for financial institutions and lawmakers. The press release points out its prevalence, the technical and psychological sophistication of scammers, and the urgent need for wide-ranging government and industry action to prevent future losses and protect consumers.
Unfortunately, rather than addressing the check fraud challenges with new technologies to detect counterfeits, forgeries, and alterations, many pundits are pushing the least likely to succeed route, encouraging businesses and individuals to switch to digital payments. We've noted in the past that behavior changes are extremely difficult, and checks have the advantage of being universally accepted vs digital payments, where each party needs to accept them.