A recent TransUnion analysis found that suspected Digital Fraud in the Philippines was significantly higher than the global average during the first half of 2024. The communities industry, which includes online forums and dating sites, had the highest fraud rate at 18.0% of all transactions attempted from the Philippines, marking a 35% increase from the same period in 2023.
On a global scale, the communities industry had the highest suspected fraud rate at 11.5%, up 23% from the previous year. It led the fraud rates in seven of the 19 countries and regions studied.
TransUnion also reported that the overall suspected fraud rate from the Philippines was 13%, well above the global average of 5.2%. Account login was the stage with the most fraud attempts, at 15.4%, an 11% increase compared to 2023.
“Digital scams are constantly evolving. The growth of online communities creates more opportunities for scammers to target consumers,” said Yogesh Daware, chief commercial officer at TransUnion Philippines. “With the rise in community fraud rates in the Philippines, it’s crucial to educate consumers on how to avoid these types of attacks.”
The findings, from the global consumer credit reporting agency TransUnion’s H2 2024 update to its State of Omnichannel Fraud Report, also revealed that financial transactions accounted for the largest share of suspected fraud in the communities sector, with 31% of all digital financial transactions flagged as potentially fraudulent. Account creation came next, at 22%.
“Fraud prevention technologies such as identity verification and device reputation are critical for businesses to stay ahead of fraudsters,” Daware said. “We need to keep adapting to the evolving fraud landscape.”