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Study bares rising online fraud vs PH shops, consumers

Republika

Digital fraud attempts against businesses and consumers in the Philippines is on the rise.


This is according to the Global Consumer Pulse study of global information and insights company TransUnion.


The study was based on intelligence from billions of transactions and over 40,000 websites and apps from TransUnion TruvalidateTM, a flagship identity proofing, risk-based authentication, and fraud analytics solution suite.


In the study, 44 percent of Philippine-based consumers have been targeted by digital fraud in the last three months.


It said Salcedo in Eastern Samar, Makati City, and Manila were the top three areas with the highest share of suspected fraudulent digital transactions.


Online fraud attempts were mostly targeted to Gen Z, or those born between 1995 and 2002, at 48 percent; followed by Millennials, or born between 1980 and 1994, at 42 percent.


“Fraudsters are always looking to take advantage of significant world events. The Covid-19 pandemic and its corresponding rapid digital acceleration brought about by stay-at-home orders is a global event unrivaled in the online age,” TransUnion Philippines president and chief executive officer Pia Arellano said.


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