Banks, data firm form anti-fraud body

TransUnion, a global leader in information and insights and the Philippines’ first comprehensive private credit reference agency, has launched the Fraud Industry Council (FIC) in partnership with several major banks.

This initiative aims to strengthen the fight against fraud and enhance the security of financial transactions across the country.

As an anti-fraud task force in the country supported collectively by leaders across the banking industry, the Council aims to foster an industry-wide effort to combat fraud and create a safer environment for both businesses and consumers. TransUnion is also calling on other players in the formal financial sector to join the fight.

Growing problem of fraud

Data from the TransUnion H2 2024 Update: State of Omnichannel Fraud Report shows that the percentage of consumers being targeted by fraud attacks in the Philippines is notably higher than in many other nations.

Some 70 percent of Filipinos surveyed reported being targeted by digital fraud attempts via email, online, calls, or text messaging, compared to 55 percent, 44 percent and 48 percent in India, Hong Kong and the US, respectively. Among all Philippine consumers surveyed, 10 percent said they had fallen victim to fraudulent schemes.

Additional data from 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. This concern is also being noted globally. Data from the United States Federal Trade Commission showed that the Philippines ranks 7th among the top 50 countries outside the US in terms of fraud cases reported.