MANILA: The Philippines saw an “alarmingly high” rate of suspected retail digital fraud during the recent holiday shopping weekend from late November to early December, increasing the urgency to step up the fight against such financial crimes.
An analysis from TransUnion, a credit reporting company, showed 15 per cent of all attempted e-commerce transactions on Black Friday, Nov 29, were suspected to be digital fraud. The firm based its findings on intelligence from its identity and fraud product suite.
That was the highest rate recorded during the five-day monitoring period, from Nov 28, or before Black Friday, to Cyber Monday of Dec 2.
Overall, the Philippines saw an average digital fraud rate of 13.6 per cent during the recent holiday shopping weekend, lower than the 14.3 per cent recorded in the same period in 2023.
But TransUnion said the rate was “alarmingly” higher than the global average of 4.6 per cent. The insights firm explained that fraudsters might have stepped up their attacks as many Filipino workers typically receive their salary, mandatory 13th-month pay and Christmas bonuses during the monitoring period.
“With consumers eager to spend their bonuses on good deals online to purchase gifts, the period presents a prime opportunity for fraudsters to take advantage of unsuspecting shoppers,” TransUnion said.
And there is no rest for these fraudsters as the digital fraud rate in the Philippines during non-holidays averaged 12.3 per cent this year, also above the global rate of 7.5 per cent.
The latest analysis provides more reason for consumers to be more vigilant and for the government to plug any remaining holes in the country’s fight against cyber fraud.
Earlier this year, President Ferdinand Marcos Jr. signed into law Republic Act No. 12010, or the Anti-Financial Account Scamming Act (AFASA) that aims to combat financial cybercrimes, safeguard the interests of financial consumers and uphold the integrity of the financial system.
AFASA prohibits and punishes financial crimes, such as acting as money mules, performing social engineering schemes and committing economic sabotage.
The law also authorises the BSP to investigate cases involving violations of the law, apply for cybercrime warrants and orders, and request the assistance of the National Bureau of Investigation and the Philippine National Police in the investigation of cases. - Philippine Daily Inquirer/ANN
