Digital fraud attempts in Philippines declining, says TransUnion study | Inquirer Business

Digital fraud attempts in Philippines declining, says TransUnion study

MANILA  -The number of digital fraud attempts in the Philippines has fallen below prepandemic levels in contrast to a strong surge globally, according to global credit firm TransUnion.

TransUnion’s 2023 State of Omnichannel Fraud Report revealed that in 2022, digital fraud attempts in the Philippines decreased by 18 percent compared to 2019 levels, but jumped 80 percent globally.

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In the Philippines, the logistics industry saw a 133-percent rise in suspected digital fraud attempts.

There was also an increase in the gaming and communities industries—the latter includes online dating and forums—in the country. Respectively, digital fraud attempts grew by 30 percent and 15 percent.

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TransUnion identified phishing, smishing, third-party seller scams, and identity theft as the most commonly reported fraud schemes that were experienced by Filipinos.

Fraudulent

Further, 8.7 percent of digital transactions made in the Philippines in 2022 were suspected to be fraudulent.

This was the third-highest among all countries and regions studied. The report covers 18 markets: Brazil, Canada, Chile, Colombia, Dominican Republic, Hong Kong, India, Kenya, Mexico, Namibia, Philippines, Puerto Rico, Rwanda, South Africa, Spain, United Kingdom, United States and Zambia.

This study was conducted from Dec. 8 to Dec. 23, 2022, by TransUnion partner Dynata. A total of 13,383 adults were surveyed using an online research panel method across a combination of desktop, mobile and tablet devices.

“Despite the return to the prepandemic levels, 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 of 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,” Mitra said in a statement.

Among Filipinos surveyed, 71 percent said they were targeted by digital fraud attempts through email, online, phone call or text messaging in the three months from September to November 2022. INQ

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TAGS: Business, digital, fraud, Hacking, Philippines, phishing, smishing
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