The Philippines has recorded one of the highest digital fraud rates globally in 2024, with a suspected fraud rate of 13.4%, more than double the 5.4% global average, according to a recent report by TransUnion. This places the country second only to India and ahead of 18 other nations and regions included in the study.
It marks the fifth consecutive year that the Philippines has exceeded the global average in digital fraud cases.
The report reveals a disturbing trend: 74% of Filipinos said they’ve been targeted by scams—whether through email, social media, text, or phone calls—compared to 53% globally. Even more alarming, 34% of Filipino respondents confirmed they had lost money to such schemes, with the average financial loss pegged at $768 or roughly ₱44,700.
“This amount is equivalent to more than two months’ salary for many Filipino households,” said Yogesh Daware, TransUnion Philippines’ chief commercial officer.
Online communities topped the list of fraud-prone sectors in the country with a 19.2% fraud rate, significantly higher than the global average of 11.6%. The retail sector followed at 13%, also above the global benchmark of 7.6%.
Fraudsters continue to adapt and broaden their tactics, taking advantage of the Philippines’ highly engaged digital population. Daware warned, “Almost all Filipinos we surveyed expressed concern about falling victim to fraud.”
To fight this growing threat, TransUnion recommends businesses adopt stronger, smarter fraud prevention systems that balance user protection with a seamless customer experience. Consumers, meanwhile, are urged to stay cautious, verify suspicious messages, and keep a close watch on their accounts.
