The Philippines had the third-highest rate of suspected fraudulent digital transactions among all countries and regions analyzed in 2022. TransUnion’s 2023 State of Omnichannel Fraud Report revealed that in 2022, digital fraud attempts in the Philippines decreased by 18% compared to 2019 levels, but jumped 80% globally.
The logistics industry in the Philippines saw a 133% rise in suspected digital fraud attempts, while the gaming and community industries experienced a 30% and 15% increase respectively.
According to the survey, the three most common fraud schemes experienced by Filipinos are phishing, smishing, third-party seller scam, and identity theft, with percentages of 46%, 46%, 33%, and 25% respectively.
TransUnion Philippines’ chief operating officer, Amrita Mitra, warned against complacency, stating that although the Philippines has returned to pre-pandemic levels, its digital fraud rate remains significantly higher than the global average.
In a survey conducted from September to November 2022, it was found that 71% of Filipinos were subjected to digital fraud attempts through various means such as email, online platforms, phone calls, or text messages.
Businesses and people in the Philippines must take a proactive stance when it comes to cybersecurity in order to reduce the risks of digital fraud. First and foremost, it is essential to protect personal information by never revealing it to unauthorized or unknown parties.
The second way to strengthen security protocols is to provide a second layer of protection by requiring two-factor authentication for all online accounts.
Lastly, it is very important to be cautious when opening links or downloading attachments in unsolicited emails, texts, or social media communications.