The latest report from TransUnion saw that consumers are adapting to online transactions with 57% of respondents from the Philippines expect that this may increase in the next three months.
With the increase in online activity also comes the rise in fraud incidents, according to the information and insights company. There was an increase in fraud activity, with digital fraud attempts from the Philippines increasing 19% when comparing the first four months of 2021 with the last four months of 2020, as reported in TransUnion’s most recent global fraud study.
“The economic consequences of the pandemic remain prevalent across many aspects of our study data, and in some cases, we are seeing worsening results – from consumers’ inability to pay bills and loans to being targeted and falling victim to fraud schemes,” said Pia Arellano, president and CEO, TransUnion Philippines.
Digital fraud attempts in financial industry increased by 149% — TransUnion
TransUnion research shows increase in digital fraud attempts against PH consumers
In the Consumer Pulse study, meanwhile, 42% (an increase of three percentage points) said they have been targeted by a fraud scheme but did not become a victim of it. Unfortunately, 6% (an increase of two percentage points) acted on a fraud scheme and became a victim.
Phishing (40% of those targeted) and third-party seller scams on legitimate retail websites (29%) remain the most common COVID-19-related digital fraud schemes encountered by consumers in the Philippines, with shipping fraud (24%) coming in close at third.
“We’ve seen in both the digital fraud attempts monitored by TransUnion’s fraud analytics solutions and the responses of consumers on the ground that fraud remains a persistent global problem,” Arellano said. “As we continuously work to regain our economic progress, it is crucial that businesses, consumers, and the government approach recovery holistically. This entails creating programs and actions in response to insights similar to those we’ve shared, while at the same time maximizing the available digital solutions that can help fast-track results and accelerate growth in areas that it is needed most.”.
TransUnion’s global Consumer Pulse study highlights the ongoing financial impact of COVID-19. The most recent survey includes responses from 1,100 consumers in the Philippines and was conducted online between June 1 and June 16, 2021.