With a reported increase of nearly 80% in a year-over-year comparison, there is little doubt that identity fraud has become a complex and ongoing challenge. And it is very likely to get worse as the telecommunications infrastructure continues to improve, making it easier for fraudsters to win at their insidious game.
Coupled with the rapid rise of e-commerce and m-commerce, a significant underbanked population, prevalence of alternative payments and the expansion of cyberattacks, all of these have led to the rising cost of fraud in the Philippines. Businesses in the Philippines is 3.46 times the amount of the lost transaction value. This translates to fraud costs amounting to 2.03% of annual revenues overall.
To learn more about how an advanced fraud and security platform can authenticate both digital and physical criteria while mitigating identity and transaction risk, download the infographic or access the LexisNexis® Risk Solutions 2019 True Cost of FraudTM APAC study.
