The country’s suspected digital fraud rate in the financial industry dropped by 35 percent last year due to aggressive anti-scam campaigns, global financial market analyst TransUnion said.
In the recent update on TransUnion’s State of Omnichannel Fraud Report, the analyst said the Philippines’ suspected digital fraud rate consequently fell to 6.3 percent.
“While fraud remains a concern in the Philippines, we also see declines in suspected digital fraud in the financial services industry which run alongside intensified efforts from both the public and private sector,” TransUnion said.
The analyst said the widespread rollouts of anti-scam campaigns slashed the fraud rate despite a 17 percent growth in digital financial transactions last year.
As a result, the financial industry ranked better as the third targeted industry by digital fraudsters in the Philippines.
The communities industry which consists of online dating and other social media interactions registered the highest possible digital fraud rate of 19.2 percent.
This was followed by the retail industry which posted a rate of 13 percent.
However, TransUnion urged the government and businesses to continue upgrading the country’s cybersecurity as 34 percent of Filipinos lost an average amount of more than P44,700 or $758 last year.
“Considering average monthly wages in the Philippines, the losses constitute at least over two months of salary 3 for most Filipino households,” TransUnion Philippines chief commercial officer Yogesh Daware said.
Globally, the lost funds reached $1,747 or approximately P101,700.
The TransUnion report came after the government agencies and the private sector committed to exchange insights and best practices on cybersecurity in July last year.
They announced this during the Cybersecurity and Consumer Protection Conference organized by Bank of the Philippine Islands and attended by 200 business and government leaders and industry professionals.