A Security Gift for Online Shoppers?
With its surge in online transactions, the year-end shopping season presents increased opportunities for fraudsters. In the critical period between Thursday, Nov. 25 and Monday, Nov. 29, TransUnion’s Global Fraud Report indicated a significant rise in the number of suspected fraud attempts worldwide. However, there was an encouraging decline in fraud in the Philippines. This blog explores the figures and explains the possible reasons behind them.
Balancing speed and security
The ease, speed and convenience of online shopping, which was accelerated due to the COVID-19 pandemic, has become the new norm for the majority of consumers. But with these positive experiences come ever-present risks of cybercriminals — especially this time of year — and the ecommerce and retail industries pay a hefty toll.
Our research shows whereas the percentage of suspected fraudulent ecommerce transactions is 3.74% higher globally than the same five-day period leading up to Cyber Monday last year, transactions originating from the Philippines decreased by 48.79% in the same timeframe.1
Percentage of suspected online fraudulent transactions during holiday shopping weekend
|
Country |
2021 |
2020 |
Percent change |
|
Philippines |
2.49 % |
4.86 % |
48.79% |
|
Global |
17.46 % |
16.83 % |
3.74% |
Increased awareness
The marked decline of suspected digital fraud during the holiday shopping season occurred as consumers became more aware of the risks and expressed heightened concern about becoming victims of online fraud.
Ongoing vigilance
Despite the fall in suspected, fraudulent ecommerce attempts from the Philippines during the last year, the ongoing rise in digital transactions here means online fraud concerns must remain top of mind for businesses and consumers.
Modern consumers expect online retailers to provide friction-right user experiences while taking effective steps to ensure identity security and privacy. The new imperative for successful, trustworthy and profitable relationships between retailers and customers is to deploy proper tools and technologies to detect fraud early — and respond appropriately without compromising the customer journey.
Trading in trust
TransUnion understands ensuring each person is reliably represented in the digital marketplace is key to making trust possible between online businesses and consumers. To this end, we work hard to protect Filipinos from fraud by developing advanced, data-driven solutions to combat evolving fraud techniques — while enhancing online experiences and confidence in legitimate transactions.
Learn more
To discover how data varies across select countries, how mobile plays a large part in digital holiday fraud, what days during the holiday shopping season are most popular for fraud and more, see TransUnion’s holiday fraud trends infographic.
To learn how TransUnion can help you strengthen your customers’ belief in your online business offerings, contact us today.
1These findings are based on billions of transactions from TransUnion’s flagship identity proofing, risk-based authentication, and fraud analytics solution suite — TruValidateTM
