Global information and insights firm TransUnion launched the Fraud Industry Council (FIC) in the Philippines to address the growing concern of fraud targeting consumers and businesses. 

In a statement, TransUnion said the initiative brought together leading banks in a collective effort to enhance consumer protection and combat fraudulent activities.

The FIC aims to foster an industry-wide effort to combat fraud and create a safer environment for both businesses and consumers. 

TransUnion, the Philippines' first comprehensive private credit reference agency, is spearheading this initiative. The company is calling on other players in the formal financial sector to join the fight against fraud.

The need for the FIC stems from alarming statistics on fraud in the Philippines. 

Data from the TransUnion first semester 2024 Update: State of Omnichannel Fraud Report showed that 70 percent of Filipinos surveyed reported being targeted by digital fraud attempts, compared to 55 percent in India, 44 percent in Hong Kong, and 48 percent in the US. 

Additionally, 13 percent of all digital transactions originating in the Philippines were suspected to be fraudulent, significantly higher than the global rate of 5.2 percent.

TransUnion, with its expertise in fraud insights and solutions, said it is well-positioned to lead this initiative. 

The company said it would leverage a global network of anti-fraud experience, extensive knowledge of consumer touchpoints, and one of the biggest local databases for credit, fraud, and alternative data to form a solid foundation for the FIC.

Through the FIC, TransUnion said it aims to collaborate with Council members to derive market trends from data and insight sharing, share best practices, and formulate measures to protect consumers from fraud. The Council includes several leading local and international banks.

Rolando Tanchanco, President of BDO Financial Services and Senior Executive Vice President of the BDO Consumer Banking Group at BDO Unibank, Inc., said: "As custodians of trust and guardians of financial security, we must remain vigilant in the face of fraud, especially in this digital era.”
“We share in TransUnion’s mission to help businesses and consumers confidently transact in the digital space. To that end, we look forward to joining the Fraud Industry Council and share in the fight to combat fraud together,” he said.

Marie Claire Lim Moore, Asia-Pacific Regional President at TransUnion, added: “In a world where financial landscapes are interconnected, our global network, rich database and advanced insights provide a solid foundation for combatting fraud in the Philippines. By initiating this revolutionary effort with leading players in the financial sector, we not only look to combat emerging threats, but also empower financial institutions with the intelligence needed to protect their clients. As we stand side-by-side at the forefront of this battle, collaboration throughout the financial sector is paramount. By working together, we not only combat fraud, but also lay the foundations for sustainable wider economic growth towards a safer, more secure financial future for all.”

The formation of the FIC is the first step in a long-term process to address digital fraud. TransUnion is calling for more collaborators to join the Council and contribute to creating a safe online environment for consumers and businesses.