Digital Fraud Rises to 19% in the Philippines

Digital fraud attempts coming from the Philippines in financial services have increased by 19 percent in January to April this year compared with the last four months of 2020, according to TransUnion’s latest report.

Across industries, the rate of suspected digital fraud attempts globally rose 24 percent when comparing the first four months of 2021 with the last four months of 2020.

TransUnion monitors digital fraud attempts reported by businesses in varied industries such as communities, financial services, gambling, gaming, retail and telecommunications, among others.

“An interesting dynamic is playing out where we are seeing other industries facing far fewer suspected fraud attempts than what has been observed in financial services. In some cases, as in logistics and retail, we are seeing a decline in the rate of such fraud attempts,” said by Pia Arellano, TransUnion Philippines president and chief executive officer.

“At times, fraud attempts are conducted at random simply to determine if businesses are prepared to meet their challenges. In this critical time, it pays to be one step ahead,” Arellano added.

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