November 30, 2024 | 12:00am
MANILA, Philippines — Global information and insights company TransUnion has launched an anti-fraud task force as part of efforts to create a safer environment for businesses and consumers.
In a statement, TransUnion said it launched the Fraud Industry Council (FIC), which is supported collectively by leaders across the banking industry.
The FIC aims to foster an industry-wide effort to combat fraud and create a safer environment for both businesses and consumers, according to TransUnion.
“TransUnion is also calling on other players in the formal financial sector to join the fight,” the company said.
Data from the TransUnion H2 2024 Update: State of Omnichannel Fraud Report showed that the percentage of consumers being targeted by fraud attacks in the Philippines is notably higher than in many other nations.
“70 percent of Filipinos surveyed reported being targeted by digital fraud attempts via email, online, calls, or text messaging, compared to 55 percent, 44 percent and 48 percent in India, Hong Kong and the US, respectively,” TransUnion said.
Of the surveyed Philippine consumers, 10 percent said that they had fallen victim to fraudulent schemes.
Additional data from the report also showed that 13 percent of all digital transactions originating in the Philippines were suspected to be fraudulent. The figure is well above the global rate of 5.2 percent.
Meanwhile, data from the United States Federal Trade Commission showed that the Philippines ranks seventh among the top 50 countries outside the US in terms of fraud cases reported.
“As an industry leader on the forefront of fraud insights and solutions, TransUnion is well-positioned to play a pivotal role in connecting key industry players to rally together to fight against fraud,” the global information and insights company said.
It added that it leverages a global network of anti-fraud experience, extensive knowledge of multiple touchpoints across the consumer lifecycle and one of the biggest local databases for credit, fraud and alternative data to form a solid foundation for the FIC.
Without identifying, TransUnion said several leading local and international banks are joining forces through the FIC.
TransUnion said it aims to collaborate with the council members, to derive market trends from data and insight sharing, share best practices and formulate measures to help protect consumers from fraud and mitigate losses for businesses and the public alike.
“As custodians of trust and guardians of financial security, we must remain vigilant in the face of fraud, especially in this digital era. We share in TransUnion’s mission to help businesses and consumers confidently transact in the digital space. To that end, we look forward to joining the Fraud Industry Council and share in the fight to combat fraud together,” BDO Financial Services president and senior executive vice president of the BDO Consumer Banking Group at BDO Unibank Inc. Rolando Tanchanco said.
TransUnion Asia-Pacific Regional president Claire Lim Moore emphasized the need for a sustained collaborative action.
“In a world where financial landscapes are interconnected, our global network, rich database and advanced insights provide a solid foundation for combatting fraud in the Philippines. By initiating this revolutionary effort with leading players in the financial sector, we not only look to combat emerging threats, but also empower financial institutions with the intelligence needed to protect their clients. As we stand side-by-side at the forefront of this battle, collaboration throughout the financial sector is paramount. By working together, we not only combat fraud, but also lay the foundations for sustainable wider economic growth towards a safer, more secure financial future for all,” Moore said.
Moreover, TransUnion acknowledged that the problem of digital fraud is a long-term process that requires consistent and persistent effort.
“The formation of the FIC is just the first step. To help create a world where consumers and businesses can confidently transact in online spaces,” TransUnion said.
The company urged for more collaborators to join the council and fight against fraud together.
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