Based on recently released report from consumer credit company TransUnion, it was found that 8.3% of all digital transactions where the consumer was in the Philippines were suspected to be digital fraud in 2023.
Not wanting to go into more debt and lose control of their finances remain as the top reasons why Filipinos are still hesitant on taking advantage of credit products and services, consumer credit reporting agency TransUnion said on Tuesday, June 14.
Consumer credit reporting agency TransUnion is bringing a solution under its CreditVision product to help local lenders score Filipinos with no formal credit.
The percentage of suspected digital fraud attempts coming from the Philippines in financial services increased 50%, the highest among all industries analyzed.
The overwhelming type of digital fraud in logistics was shipping fraud wherein criminals typically take over a customer’s account but don’t change the shipping address in order to avoid detection. Once the package has shipped, they intercept it at the carrier website and change the shipping address.
