TransUnion Launches Fraud Industry Council in the Philippines
Collective private sector effort across the banking industry to enhance consumer protection amid rising concerns
Manila, Philippines, November 28, 2024 – Global information and insights company and the Philippines’ first comprehensive private credit reference agency, TransUnion (NYSE: TRU), has launched the Fraud Industry Council (FIC or Council) in collaboration with several leading banks. As an anti-fraud task force in the country supported collectively by the leaders across the banking industry, the Council aims to foster an industry-wide effort to combat fraud and create a safer environment for both businesses and consumers. TransUnion is also calling on other players in the formal financial sector to join the fight.
Understanding the problem of fraud in the Philippines
Data from the TransUnion H2 2024 Update: State of Omnichannel Fraud Report shows that the percentage of consumers being targeted by fraud attacks in the Philippines is notably higher than in many other nations. 70% of Filipinos surveyed reported being targeted by digital fraud attempts via email, online, calls, or text messaging, compared to 55%, 44% and 48% in India, Hong Kong and the US, respectively. Among all Philippine consumers surveyed, 10% said they had fallen victim to fraudulent schemes.
Additional data from the report also showed that 13% of all digital transactions originating in the Philippines were suspected to be fraudulent – well above the global rate of 5.2%. This concern is also being noted globally. Data from the United States Federal Trade Commission showed that the Philippines ranks 7th among the top 50 countries outside the US in terms of fraud cases reported[1].
A call to collectively combat fraud
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. 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.
Through the FIC, several leading local and international banks are joining forces. TransUnion aims to collaborate with these 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.
On the importance of addressing fraud, Rolando Tanchanco, President of BDO Financial Services and Senior Executive Vice President of the BDO Consumer Banking Group at BDO Unibank, Inc. said: “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.”
Highlighting the need for sustained, collaborative action, Marie Claire Lim Moore, Asia-Pacific Regional President at TransUnion said: “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.”
Calling on other players to join the fight
Addressing the problem of digital fraud is a long-term process which 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 is calling for more collaborators to join the Council and fight against fraud together.
