TransUnion forms anti-fraud task force

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.

- By CATHERINE TALAVERA

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.