Phishing, identity theft top online concerns in PH
MANILA -Phishing and identity theft were the top online fraud concerns in the Philippines last year, which is among the countries where cyberthreats remain pervasive amid the increased digitalization, according to credit agency TransUnion.
In its 2023 State of Omnichannel Fraud Report, the company reported that 8.7 percent of the digital transactions were suspected to be fraudulent last year. This was the third highest among all countries included in the study.
TransUnion, however, said the volume of potential cyberthreats in the country showed a 18-percent decline from the 2019 level.
“[The] Philippines’ digital fraud rate still stands at a much higher level than the global average, leaving no room for complacency,” said Amrita Mitra, chief operating officer at TransUnion Philippines.
“As fraudsters become increasingly sophisticated, businesses must continue to equip themselves with the proper tools to detect fraud at the first warning sign without inhibiting the consumer journey,” the official added.
Phishing and text scams, both at 46 percent, were the most commonly reported fraudulent schemes in the past year.
Phishing is a fraudulent activity where hackers trick users into giving out their personal information, including bank accounts, through suspicious links embedded in emails, social media posts and even QR (quick response) codes. A text scam, meanwhile, is a form of phishing attack launched using mobile messages.
A successful phishing attack can lead to identity theft, which is among Filipinos’ primary concerns as well. Stolen identities could be used for taking over bank accounts.
