Digital fraud attempts in PH down 18% in 2022

MANILA, PHILIPPINES — Global credit firm TransUnion revealed that digital fraud attempts in the Philippines dropped by 18% in 2022 compared to pre-pandemic levels.

In its 2023 State of Omnichannel Fraud Report, TransUnion ​​identified phishing, smishing, third-party seller scams, and identity theft as the most commonly reported fraud schemes experienced by Filipinos last year. 

The logistics industry saw a significant increase in suspected digital fraud, up 133% since 2019. The gaming and communities (online dating and forums) industries also experienced notable growth in digital fraud attempts, up 30% and 15%, respectively, over the same period. 

Around 8.7% of digital transactions in the Philippines last year were also suspected to be fraudulent over 2022, the third highest among all countries and regions studied. 

“Despite the return to the pre-pandemic levels, the Philippines’ digital fraud rate still stands at a much higher level than the global average, leaving no room for complacency,” said Amrita Mitra, chief operating officer at TransUnion Philippines. 

“As fraudsters become increasingly sophisticated, businesses must continue to equip themselves with the proper tools to detect fraud at the first warning sign without inhibiting the consumer journey.”