Data from TransUnion’s global intelligence network indicates that the suspected digital fraud rate in the Philippines stood at 13.4% in 2024. This figure is considerably higher than the global rate of 5.4%, exceeding it by 148%.

The Philippines has consistently registered a suspected digital fraud rate higher than the global average for five consecutive years. The rate in the Philippines also saw a 5% increase from 2023 to 2024. It shows a stark contrast to the 8% decrease observed worldwide.

A significant proportion of Filipinos reported being targeted by fraud. A survey conducted across 18 countries and regions between November and December 2024 found that 74% of Filipinos had been targeted by email, online, phone call, or text messaging fraud schemes in the preceding three months.

This is substantially higher than the 53% reported across all markets surveyed. Furthermore, over one-third (34%) of Filipinos reported losing money due to these tactics between November 2023 and December 2024, surpassing the global rate of 29%.

The average reported loss among Filipinos who lost money exceeded PHP 44,700.

According to the TransUnion report, the communities industry, which includes online dating and social media sites, recorded the highest suspected digital fraud rate in the Philippines at 19.2% in 2024. This finding aligns with global trends, where the industry also had the highest rate. However, the Philippines’ rate was 66% higher than the global figure.

The retail sector had the second highest rate at 13.0%. While financial services remained a target, the suspected digital fraud rate in this industry in the Philippines decreased significantly by 35% year-on-year.

TransUnion bases its conclusions on intelligence from TransUnion TruValidateTM. Experts stress the need for continued vigilance and collaboration to combat the evolving tactics of fraudsters.

Featured image: Edited from Freepik.