This initiative aims to foster an industry-wide effort to combat rising digital fraud and create a safer environment for businesses and consumers, TransUnion Philippines said in a statement.
Data from TransUnion's H2 2024 State of Omnichannel Fraud Report underscores the urgency of this initiative.
The report revealed that 70 percent of Filipinos have been targeted by fraud attempts via email, online platforms, calls, or text messages, surpassing rates in India (55 percent), Hong Kong (44 percent), and the US (48 percent). Moreover, 13 percent of all digital transactions originating in the Philippines were flagged as potentially fraudulent—well above the global average of 5.2 percent.
Highlighting the critical role of industry collaboration, Marie Claire Lim Moore, Asia-Pacific regional president at TransUnion, stated, "By initiating this revolutionary effort with leading financial sector players, we not only look to combat emerging threats, but also empower financial institutions with the intelligence needed to protect their clients.”
The council’s founding members include major local and international banks, such as BDO Unibank.
Rolando Tanchanco, president of BDO Financial Services, emphasized: " As custodians of trust and guardians of financial security, we must remain vigilant in the face of fraud, especially in this digital era. We share in TransUnion’s mission to help businesses and consumers confidently transact in the digital space. To that end, we look forward to joining the Fraud Industry Council and share in the fight to combat fraud together."
TransUnion is calling on more financial institutions to join the council, aiming to build a robust, united front against fraud.
By leveraging TransUnion’s global network and local databases, the FIC aspires to set new benchmarks for fraud prevention in the region and bolster consumer confidence in the digital economy, the company said in the statement.
