A recent survey conducted by TransUnion reveals that majority of Filipinos are concerned about falling victim to online shopping fraud.Despite the popularity of online shopping in the country, worries about fraudulent transactions are expected to increase during the holiday season as cybercriminals take advantage of higher consumer spending.
According to TransUnion’s Q4 Consumer Pulse Study, 93% of surveyed Filipino consumers expressed varying levels of concern about online fraud during the holiday season. This figure represents a slight increase from the 92% recorded during the same period last year.
Yogesh Daware, the Chief Commercial Officer of TransUnion Philippines, warns that as consumers turn to online platforms to purchase gifts for their loved ones, fraudsters are also drawn to the increased online activity and the potential for financial gain.
A recent study by cybersecurity firm Kaspersky highlights the vulnerability of the online retail industry in the Asia-Pacific region to cyber threats. The study reports that 37% of surveyed retailers experienced cyberattacks in the past two years.Kaspersky’s security expert points out that phishing attacks during the holiday season commonly disguise themselves as gifts or holiday greetings.
These attacks are typically launched through emails and mobile messages, containing suspicious links that direct users to phishing websites. Once on these sites, users can unknowingly divulge personal information, such as banking details and contact information.
TransUnion’s study also reveals that during the Black Friday shopping period (November 23 to November 27), approximately 12.8% of e-commerce transactions were suspected of being fraudulent. This is a significant increase from the 4.4% observed during the same period the previous year.
Source: PhilNews24 | December 22, 2023
