SUSPECTED digital frauds originating from the Philippines declined overall in the second quarter of the year, a private quarterly fraud analysis showed.
Information and insights company TransUnion Information Solutions Inc. said findings from their latest quarterly fraud analysis showed that the rate of suspected digital fraud attempts originating from the Philippines decreased 11 percent in the second quarter of the year compared to the same period in 2021.
Broken down, TransUnion said the largest suspected fraud declines from Philippine-based transactions were seen in gaming, which declined by 53 percent and financial services with a 16 percent decline.
The report also saw other communities also saw declines such as online dating sites and retail with a 14 percent decline, and travel and leisure with a 3 percent decline.
The drop in the rate of suspected digital fraud in the country was parallel to the decline in global digital fraud in the same period.
WHILE suspected digital fraud saw an overall decrease in the country, the report said suspected fraudsters have “honed in” on specific sectors.
In particular, the logistics industry had the biggest growth in suspected digital fraud attempts coming from the Philippines among all sectors with a 236-percent jump.
Shipping fraud was also the top logistics-focused form of digital fraud across the world.
TransUnion said common examples of this type of fraud include instances where buyers fabricate shipping addresses, or when sellers receive payment for goods or services, but never ship to buyers.
The telecommunications industry posted the second largest increase in the rate of suspected digital fraud coming from the Philippines at 45 percent, while gambling placed third with a 32 percent uptick.
“With more Filipinos choosing to transact online, fraudsters will continue to capitalize on any opportunities to exploit both consumers and businesses,” said Pia Arellano, President and CEO of TransUnion Philippines.
“As the Philippines continues its rapid acceleration into a digital economy, organizations must take decisive steps to stay ahead of any present and emerging form of fraudulent activity,” she added.
TransUnion came to its conclusions about fraud against businesses based on intelligence from billions of transactions and more than 40,000 websites and apps contained in its flagship identity proofing, risk-based authentication and fraud analytics solution suite.