The number of cybercrime cases in the Philippines reportedly increased by nearly 80% in a year-over-year comparison and an improving telecommunications infrastructure is driving the growth of mobile and digital transactions. As businesses work to catch up to changing market expectations, they are challenged by the increase of identity fraud and the lack of a strong fraud prevention infrastructure. Fraud costs are on the rise and for every fraudulent transaction, the cost to Philippine businesses is actually 3.46 times the amount of the lost transaction value. This translates to fraud costs amounting to 2.03% of annual revenues overall. How are Philippine businesses balancing growing market opportunities with greater identity fraud risks?
Our detailed overview of the 2019 LexisNexis® Risk Solutions True Cost of FraudSM Study for the Philippines provides a comprehensive summary of the current state and cost of identity fraud. Built with research gathered from executives representing a wide range of industries, the study provides a snapshot of how identity fraud has proliferated across the Philippines and explores the direct cost and operational impacts. The study provides an in-depth view of the transaction channels and payment methods that pose the greatest identity fraud risks and details the challenges many businesses face when combatting identity fraud. The study also highlights how a multi-layered technology strategy strengthens identity fraud prevention efforts and lowers costs.
Our study walks through the market factors contributing to the increase of fraud in the Philippines, such as:
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