The Philippines recorded the second-highest suspected digital fraud rate among countries surveyed in 2024, according to new insights from TransUnion’s global intelligence network.
A new analysis by TransUnion, a global credit reporting agency and information solutions provider, reveals that 15 percent of all attempted e-commerce transactions in the Philippines on Black Friday, Nov. 29, 2024, were flagged as potentially fraudulent.
While four in every five Filipino consumers (79 percent) expect their income to grow in the coming year, rising bill and loan payment expectations point to persistent financial strain for many households, according to the Q4 2024 Consumer Pulse Study by TransUnion.
TransUnion’s latest State of Omnichannel Fraud Report, which showed that 70 percent of Filipinos have been targeted by fraud attempts, made this initiative a timely and critical step in addressing the growing threat of digital fraud in the Philippines.
The country saw a fraud rate of 18 percent in this sector in the first six months of 2024, which was higher than the global rate of 11.5 percent. It also marked a 35-percent increase from the same period in 2023.