PH digital fraud rate tops global figure
THE Philippines posted a suspected digital fraud rate of 8.2 percent in the first half of 2023, a US consumer credit reporting firm said, with video gaming and retail transactions particularly targeted.
The video gaming sector in the country saw the highest digital fraud attempt rate during the first half amid the continued increase in overall digital transactions.
Based on the latest analysis of TransUnion, fraudsters have been on the rise as consumers and businesses here and abroad get used to transacting digitally.
In the Philippines, the suspected digital fraud rate stood at 8.2 percent from January to June. The rate is above the global average of 5.3 percent during the period.
Specifically, the video gaming industry had the highest suspected digital fraud attempt rate among all industries at 15.2 percent.
This developed despite a 19.4-percent decline in the number of digital transactions for the sector.
The video gaming industry was followed by the retail sector with suspected digital fraud attempt rate of 11.3 percent while financial services came in third with 8.3 percent.
Other sectors include insurance (7.1 percent), communities such as online dating and forums (five percent), logistics (4.6 percent), travel and leisure (3.1 percent) and telecommunications (2.4 percent).
The latest TransUnion analysis also came on the heels of the recent third quarter Philippine Consumer Pulse study which looked into consumer awareness of being targeted by any online, email, phone call or text messaging fraud attempt.
The survey showed that 62 percent of Filipinos had been targeted by fraud but only nine percent fell victim to the scheme.
Among those targeted, the most frequent fraud schemes were phishing, smishing, and money and gift card scams.