TransUnion, in collaboration with leading banks, launched the Fraud Industry Council (FIC) to address the high rates of fraud targeting Filipinos. The report indicates that 70% of Filipinos have been targeted by digital fraud, highlighting the need for a collaborative effort to protect businesses and consumers.
TransUnion, a global information and insights company and the Philippines ’ first comprehensive private credit reference agency, launched the Fraud Industry Council in collaboration with several leading banks.
As an anti-fraud task force supported by the banking industry, the council aims to combat fraud and create a safer environment for businesses and consumers. TransUnion is also inviting other financial sector players to join the fight.Data from the TransUnion H2 2024 Update: State of Omnichannel Fraud Report show that the percentage of Filipinos targeted by fraud attacks is higher than in many other nations.
Seventy percent of Filipinos surveyed reported being targeted by digital fraud, compared to 55 percent in India, 44 percent in Hong Kong and 48 percent in the U.S. Ten percent of Philippine consumers surveyed said they had fallen victim to fraudulent schemes. The report also showed that 13 percent of all digital transactions originating in the Philippines were suspected to be fraudulent, well above the global rate of 5.2 percent. The US Federal Trade Commission data shows the Philippines ranks seventh among the top 50 countries outside the US in terms of fraud cases reported.
As an industry leader in fraud insights and solutions, TransUnion is well-positioned to connect key industry players to fight fraud. It leverages a global network of anti-fraud experience, extensive knowledge of consumer lifecycles and a large local database for credit, fraud and alternative data.
Transunion Fraud Industry Council Philippines Digital Fraud Banking Industry Consumer Protection
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