TransUnion, a global researcher on credit, warns consumers about digital fraud in the Philippines when using e-commerce platforms as the country has posted 196 percent higher suspected digital retail fraud than the global rate of 4.6 percent.

The research firm said the higher rate reflected transactions on holiday shopping during weekends after Black Friday this year or beyond 29 November.

TransUnion said cases of suspected digital fraud in e-commerce began rising notably from 28 November until 2 December, with a 13.6 percent share of all e-commerce transactions.

However, the research firm said this portion was already a contraction from the 14.3 percent share recorded in the same period last year and also smaller than those seen in the two prior years.

“We are encouraged to see a gradual decline in Digital Fraud rates within the Philippines market. However, these rates still significantly exceed the global rate, which underscores the need for continued efforts from both public and private sectors to further address the prevalence of digital fraud in the country,” TransUnion Philippines chief commercial officer Yogesh Daware said.

Vigilance vs fraud sought

As a global financial solutions provider, TransUnion also reminded consumers and businesses to remain vigilant against digital fraudsters by adopting good financial check habits and tools.

TransUnion’s data revealed that 91 percent of Filipinos are concerned about digital fraud during the holiday season.

Daware said many Filipinos regularly check their credit reports and monitor their accounts for unauthorized activities.

“Our study findings indicate that Filipinos exhibit the highest awareness levels towards holiday digital fraud. While consumers are taking these steps to safeguard themselves against fraud, businesses must implement holistic fraud solutions to ensure consumer safety and maintain business integrity, especially during the holiday shopping season and beyond,” Daware said.

TransUnion said digital tools, such as the ones it offers, can reduce suspected fraudulent transactions as the technology accomplishes denial in real time due to fraudulent indicators or violations of corporate policies.