Digital Fraud in PH Drops 11% in April-June 22

DIGITAL fraud from the Philippines decreased by 11% from April to June 2022 compared to the same period last year, according to a study by the international information and analytics company TransUnion.

TransUnion said on Thursday that the decline in digital fraud in the country in the second quarter of the year follows a global trend.

Digital fraud in gaming, financial services, communities, retail, travel and leisure was seen to have declined in the previous quarter.

“Despite an overall decline in alleged digital fraud from the Philippines in various industries, suspected fraudsters have focused on certain sectors,” TransUnion said in a statement.

Digital fraud in the logistics sector grew by 236 percent in the second quarter of 2022 compared to last year; telecommunications, up to 45 percent; and gambling, up 32 percent.

The TransUnion poll, conducted from May 26 to June 7, also showed that 45% of respondents said they had “been victims of online fraud schemes, but not been victims” in the past three months.

On the other hand, 11 percent of respondents said they were victims of phishing, money scams, or third-party seller scams on legitimate online retail sites in the past three months.

“As more Filipinos opt for online transactions, fraudsters will continue to capitalize on every opportunity to exploit both consumers and businesses,” said Pia Arellano, President and CEO of TransUnion Philippines.

Arellano warned organizations to be proactive in preventing the threats and risks caused by current and emerging fraudulent activities.

“By implementing strong fraud and authentication practices, and streamlining processes to reduce manual checks and customer inquiries, organizations can reduce costs and increase revenue while building confidence in the Filipino public,” she added.