Updated:2024-12-19 14:45Views:96
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MANILA, Philippines — The Philippines saw an “alarmingly high” rate of suspected retail digital fraud during the recent holiday shopping weekend from late November to early December, increasing the urgency to step up the fight against such financial crimes.
An analysis from TransUnion, a credit reporting company, showed 15 percent of all attempted e-commerce transactions on Black Friday, Nov. 29, were suspected to be digital fraud. The firm based its findings on intelligence from its identity and fraud product suite.
Article continues after this advertisementThat was the highest rate recorded during the five-day monitoring period, from Nov. 28, or before Black Friday, to Cyber Monday of Dec. 2.
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But oil prices fell as markets were unimpressed with a pledge by China’s finance minister to boost the world’s second-biggest economy.
The 91-, 182-, and 364-day T-bills fetched average rates of 5.444 percent, 5.668 percent, and 5.623 percent, respectively.
zodiaccasinoOverall, the Philippines saw an average digital fraud rate of 13.6 percent during the recent holiday shopping weekend, lower than the 14.3 percent recorded in the same period in 2023.
Article continues after this advertisementBut TransUnion said the rate was “alarmingly” higher than the global average of 4.6 percent. The insights firm explained that fraudsters might have stepped up their attacks as many Filipino workers typically receive their salary, mandatory 13th-month pay and Christmas bonuses during the monitoring period.
Article continues after this advertisement“With consumers eager to spend their bonuses on good deals online to purchase gifts, the period presents a prime opportunity for fraudsters to take advantage of unsuspecting shoppers,” TransUnion said.
Article continues after this advertisementAnd there is no rest for these fraudsters as the digital fraud rate in the Philippines during non-holidays averaged 12.3 percent this year, also above the global rate of 7.5 percent.
The latest analysis provides more reason for consumers to be more vigilant and for the government to plug any remaining holes in the country’s fight against cyber fraud.
Article continues after this advertisementEarlier this year, President Ferdinand Marcos Jr. signed into law Republic Act No. 12010, or the Anti-Financial Account Scamming Act (AFASA) that aims to combat financial cybercrimes, safeguard the interests of financial consumers and uphold the integrity of the financial system.
AFASA prohibits and punishes financial crimes, such as acting as money mules, performing social engineering schemes and committing economic sabotage.
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The law also authorizes the BSP to investigate cases involving violations of the law, apply for cybercrime warrants and ordersmanaloplay, and request the assistance of the National Bureau of Investigation and the Philippine National Police in the investigation of cases.
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