Cyberattacks vs businesses jump 31% in pandemic year

MANILA, Philippines — Digital fraud attempts against businesses from the Philippines rose 31 percent during the COVID-19 pandemic, global information and insights company TransUnion said.

TransUnion said its latest analysis showed suspected fraudulent digital transaction attempts originated from the Philippines were up 31 percent during the pandemic period covering March 11, 2020 to March 10, 2021, compared with the pre-pandemic period of March 11,2019 to March 10, 2020.

“Fraudsters are always looking to take advantage of significant world events. The COVID-19 pandemic and its corresponding rapid digital acceleration brought about by stay-at-home orders is a global event unrivaled in the online age,” TransUnion president and chief executive officer Pia Arellano said.

“By analyzing billions of transactions we screened for fraud indicators over the past year, it has become clear that the war against the virus has also brought about a war against digital fraud,” she said.

By area, TransUnion said  Salcedo in Eastern Samar, Makati City and Manila had the highest percentage of suspected fraudulent transactions.

In terms of industries, telcos recorded the highest increase at 1,108.14 percent in suspected fraud.

This was followed by logistics with an 81.53 percent increase, and financial services (38.77 percent) and communities (7.64 percent).

Meanwhile, provisional results of TransUnion’s Global Consumer Pulse Study found that 44 percent of Philippine consumers have been targeted by digital fraud related to the pandemic  in the last three months.

Those part of Gen Z were the most targeted by digital fraud at 48 percent.

Millennials came in second at 42 percent.

The top scam experienced by Philippine consumers was phishing, with 40 percent saying they were targeted with it.

The full results of the TransUnion Philippines Consumer Pulse Survey would be released in April.

Given the potential impact of fraud on businesses’ and consumers’ finances, Arellano said it is important for firms to spot fraudulent transactions while ensuring consumers have a great experience.

“By using the latest solutions, businesses can build trusted relationships and transact with confidence knowing they are safeguarding both themselves and the consumers they serve,” she said.