Jan-Jun digital fraud rate hits 8.2%

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The video gaming industry has the highest suspected digital fraud attempt rate among all industries in the country during the first half of the year, according to the latest report of TransUnion’s global intelligence network.

TransUnion said the suspected digital fraud rate in the Philippines among all industries stood at 8.2 percent in the first half of the year.

For transactions coming from the Philippines, the video gaming industry’s suspected digital fraud attempt rate of 15 percent is significantly higher than the suspected digital fraud attempts globally at 7 percent.

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While the insurance industry saw the largest increase in digital transactions coming from the Philippines at 160 percent year on year, the suspected digital fraud rate for that industry for transactions coming from the Philippines was 7 percent.

TransUnion also said 71 percent of Filipino consumers report having been targeted by fraud.

This new TransUnion analysis comes on the heels of its recent third-quarter Philippines Consumer Pulse study which explored, among other things, consumer awareness of being targeted by any online, email, phone call or text messaging fraud attempt in the last three months. The TransUnion survey of 1,000 Filipino adults was conducted from July 6 to 24, 2023.

The survey found that 62 percent of survey respondents indicated that they had been targeted by fraud but did not become a victim of it, and 9 percent had been targeted and fell victim.

Among those targeted, the most frequent fraud schemes by which they reported being attacked were phishing (51 percent), followed by smishing (45 percent) and money/gift card scams (34 percent).

TransUnion came to its digital fraud findings based on intelligence from its identity and fraud product suite, TransUnion TruValidat, which helps secure trust across channels and delivers efficient consumer experiences.

The rate or percentage of suspected digital fraud attempts reflect interactions that TransUnion customers either denied in real time due to fraudulent indicators or determined to be fraudulent after a manual review process — compared to all transactions it assessed for fraud.

 

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