TransUnion partners with banks to combat fraud

CEBU, Philippines — Global information and insights company TransUnion, the Philippines’ first comprehensive private credit reference agency, has launched the Fraud Industry Council (FIC) in partnership with several leading banks.

The Council aims to spearhead an industry-wide initiative to combat fraud and create a safer environment for businesses and consumers. TransUnion is also encouraging other financial sector players to join this collective effort.

According to TransUnion’s “State of Omnichannel Fraud Report: Second Half of 2024 Update,” 70 percent of Filipinos reported experiencing fraud attempts through email, online platforms, calls, or text messages. This figure is significantly higher compared to other countries, such as India (55 percent), Hong Kong (44 percent), and the United States (48 percent).

Also, 10 percent of Filipino respondents admitted falling victim to fraudulent schemes.

Suspected fraudulent transactions originating in the Philippines accounted for 13 percent of all digital transactions, significantly higher than the global average of 5.2 percent.

Moreover, data from the United States Federal Trade Commission ranked the Philippines 7th among the top 50 countries outside the US for fraud case reports.

With its extensive database and global expertise, TransUnion is uniquely positioned to lead the fight against fraud in the Philippines.

The Fraud Industry Council unites several local and international banks to share insights, establish best practices, and develop effective measures to protect consumers and reduce financial losses.

“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,” said Rolando Tanchanco, President of BDO Financial Services and Senior Executive Vice President of the BDO Consumer Banking Group.

Marie Claire Lim Moore, Asia-Pacific Regional President of TransUnion, highlighted the significance of collaboration, saying in a world where financial landscapes are interconnected, “our global network and advanced insights provide a solid foundation for combatting fraud in the Philippines. By working together, we not only combat fraud but also lay the foundations for sustainable economic growth and a more secure financial future for all.”

Addressing digital fraud requires sustained collaboration. TransUnion views the formation of the FIC as a crucial first step and is calling on more financial institutions to join the initiative.

TransUnion is a global leader in information and insights, operating in over 30 countries, including the Philippines. The company empowers consumers and businesses to transact confidently by providing actionable insights into credit, fraud, and risk management.

Known as the first comprehensive private credit reference agency in the Philippines, TransUnion has been helping Filipinos manage their finances for over a decade. — (FREEMAN)