TransUnion has established the Fraud Industry Council (FIC) in the Philippines, uniting leading banks to combat rising fraud and promote safer financial transactions.
The council, announced alongside TransUnion’s H2 2024 Update: State of Omnichannel Fraud Report, seeks to foster industry-wide collaboration to address the country’s escalating fraud problem.
According to the report, 70% of Filipinos reported being targeted by digital fraud, compared to 55% in India and 48% in the United States. Alarmingly, 13% of all digital transactions from the Philippines were flagged as potentially fraudulent, significantly higher than the global average of 5.2%.
The Philippines also ranked seventh globally in fraud cases reported to the United States Federal Trade Commission, underscoring the country’s vulnerability.
Rolando Tanchanco, president of BDO Financial Services and senior executive vice president of BDO Unibank’s Consumer Banking Group, highlighted the banking industry’s responsibility.
“As custodians of trust and guardians of financial security, we must remain vigilant in the face of fraud, especially in this digital era,” Tanchanco said.
The FIC leverages TransUnion’s global anti-fraud experience, rich databases, and insights into consumer lifecycles to empower banks and financial institutions. The council’s goals include sharing best practices, analyzing market trends, and formulating strategies to protect consumers and businesses.
Marie Claire Lim Moore, Asia-Pacific regional president at TransUnion, emphasized the importance of collective action.
“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,” Moore said. “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.”
TransUnion is calling on other financial players to join the council, stressing that combating fraud requires long-term, sustained collaboration.
The FIC marks the first step in building an ecosystem where consumers and businesses can transact securely online, paving the way for a more robust financial sector in the Philippines.
