MANILA - E-commerce fraud coming from the Philippines has dropped by around a third this holiday season, according to global information and insights provider TransUnion.
The research shows a 33.41 percent decrease in suspected online retail fraud coming from the Philippines during the start of the 2020 holiday shopping season compared to the same period in 2019, TransUnion said.
“The likely explanation for this decline is that fraudsters recognized that e-commerce providers are doing a good job stopping fraud and have moved elsewhere for the time being,” said Pia Arellano, TransUnion Philippines president and CEO.
The company however said businesses should remain vigilant as fraudsters are increasingly utilizing the pandemic to prey on consumers facing mounting financial pressures.
“Businesses must provide friction-right identity verification solutions and consumers must do their part by keeping their personal information secure to combat this threat,” Arellano said.
Congress has proposed the Internet Transactions Act, which aims to protect consumers and merchants engaged in internet transactions that include retail, online travel services, digital media providers, ride-hailing services, and digital financial services.
But online commerce platforms warned that some provisions of the proposed bill may stifle the growth of e-commerce in the Philippines.