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According to a report by global information and insights business TransUnion, digital fraud coming from the Philippines has reduced by 11% from April to June 2022 compared to the same time last year.

According to a survey released by TransUnion on Thursday, the country’s second quarter of this year saw a decrease in digital fraud, consistent with the global trend.

Digital fraud was seen to have decreased in the preceding quarter across gaming, financial services, communities, retail, and travel & leisure.

TransUnion stated in a statement that “suspected fraudsters have zeroed in on specific sectors” despite an overall decline in suspected digital fraud emanating from the Philippines across several businesses.

Digital fraud increased by 236 percent in the logistics sector in the second quarter of 2022 compared to a year earlier, by 45 percent in the telecommunications sector, and by 32 percent in the casino sector.

In addition, according to the TransUnion poll from May 26 to June 7, 45% of respondents indicated they had been “targeted by online fraud schemes but did not become a victim” over the previous three months.

On the other side, 11% of those polled claimed that in the previous three months, they had fallen victim to phishing, money laundering, or third-party seller frauds on reliable online retail sites.

As more Filipinos choose to do their business online, fraudsters will continue to seize any chance to take advantage of both consumers and businesses, according to Pia Arellano, president, and CEO of TransUnion Philippines.

Arellano has cautioned businesses to take preventative measures to minimize risks and threats brought on by current and potentially fraudulent activity.

“Organisations may cut expenses and enhance revenue while fostering more public trust in the Philippines by putting in place robust fraud and authentication standards and streamlining procedures to decrease manual reviews and customer interrogations,” she continued.

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