TransUnion’s global intelligence network found that 8.3 percent of all digital transactions where the consumer was in the Philippines were suspected to be digital fraud in 2023.
The number was 66 percent higher than the global suspected digital fraud rate of 5 percent over the same period as reported in the TransUnion 2024 State of Omnichannel Fraud Report.
The volume of suspected digital fraud globally increased 14 percent year-on-year (YoY) in 2023 and 105 percent from 2019 to 2023, outpacing the 6 percent growth in digital transactions between 2022 and 2023, and 90 percent from 2019 to 2023.
It said that for digital transactions where the consumer was in the Philippines, 13.3 percent of transactions associated with account logins were suspected to be digital fraud last year.
“As data breaches continue to pose a threat to sensitive or confidential information across various industries in the Philippines , fraudsters could possibly leverage synthetic identities assembled in large part using credentials gathered from such incidents,” said Yogesh Daware, chief commercial officer at TransUnion Philippines.