Manila, Philippines – Around 15% of all e-commerce transactions on Black Friday last month involving consumers in the Philippines were suspected as potential digital fraud, according to the latest analysis from TransUnion, an information technology company.
In the report, the country recorded its highest suspected retail digital fraud rate during the 2024 holiday shopping weekend, which spanned from November 28 to December 2, 2024.
For the entire 2024 holiday shopping weekend, excluding Black Friday, 13.6% of e-commerce transactions from consumers in the Philippines were also flagged for suspected digital fraud.
The company noted this figure as a decrease from 14.3% in the comparable period between Thursday before Black Friday and Cyber Monday in 2023. Said movement reflects a steady reduction in suspected digital fraud rates over the last three years.
Furthermore, it was reported that the suspected retail digital fraud rate during the holiday shopping weekend in the Philippines was found to be an alarming 196% higher than the global rate of 4.6%, which decreased from 6.0% last year. This higher fraud rate was observed on each day of the holiday shopping weekend for attempted e-commerce transactions involving consumers in the Philippines.
Meanwhile, TransUnion found a 5% decrease in the rate of suspected retail digital fraud during the holiday shopping weekend in the Philippines between 2023 and 2024. Said figure is much lower than the global decline rate of 23% observed in the same period.
The Philippines further continued to demonstrate higher suspected retail digital fraud rates than globally, with 12.3% of all non-holiday attempted retail transactions when the consumer was in the Philippines being suspected to be digital fraud.
Yogesh Daware, chief commercial officer at TransUnion Philippines, stated, “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 the public and private sectors to further address the prevalence of digital fraud in the country.”
“With the increase in suspected fraudulent activities observed during the holiday shopping weekend, it is imperative for both businesses and consumers alike to remain vigilant as we navigate this busy festive season,” Daware continued.
He also shared, “Our study findings indicate that Filipinos exhibit the highest awareness levels towards holiday digital fraud. Additionally, insights from the latest Consumer Pulse Study revealed a more proactive attitude among Filipino consumers in protecting themselves. An increasing number of Filipinos are regularly checking their credit reports and monitoring their accounts for unauthorised activities.”
“While consumers are taking these steps to safeguard themselves against fraud, it is crucial for businesses to implement holistic fraud solutions to ensure consumer safety and maintain business integrity, especially during the holiday shopping season and beyond,” concluded Daware.
