The Philippines experienced a significant surge in suspected retail digital fraud during the recent holiday shopping weekend, with 13.6% of attempted e-commerce transactions flagged as potentially fraudulent. This rate, while lower than the previous year, remains alarmingly high compared to the global average of 4.6%. Experts attribute the spike to consumers eager to spend bonuses and the influx of deals during the period, making it a prime opportunity for fraudsters.
MANILA: The Philippines saw an “alarmingly high” rate of suspected retail digital fraud during the recent holiday shopping weekend from late November to early December, increasing the urgency to step up the fight against such financial crimes.
Overall, the Philippines saw an average digital fraud rate of 13.6 per cent during the recent holiday shopping weekend, lower than the 14.3 per cent recorded in the same period in 2023. And there is no rest for these fraudsters as the digital fraud rate in the Philippines during non-holidays averaged 12.3 per cent this year, also above the global rate of 7.5 per cent.
Digital Fraud Philippines E-Commerce Holiday Shopping Cybercrime
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