A global TransUnion study that the communities industry – which includes online forums and dating websites – saw the largest percentage (18.0 percent) of suspected digital fraud in the first half of 2024 across evaluated industries when the consumer attempted to transact from the Philippines.
The suspected digital fraud rate from the Philippines in the communities industry also experienced the largest increase of 35 percent between the first half of 2023 and the first half of 2024.
Some of these insights are in the newly released H2 2024 Update to the State of Omnichannel Fraud Report, which explores digital fraud trends. TransUnion also determined that the highest suspected digital fraud rate from the Philippines in the customer journey against communities occurred during the financial transaction stage, with 31 percent of all digital financial transaction attempts in communities suspected digital fraud. This is followed by account creation at 22 percent.
These findings align with global trends pointing to communities as the industry with the highest rate of suspected digital fraud (11.5 percent) in the first half of 2024 – showing an increase of 23 percent from a year earlier.
“Digital scams are constantly evolving. The growth of communities also creates more avenues for scammers to potentially defraud consumers,” said Yogesh Daware, chief commercial officer at TransUnion Philippines.
