PHILIPPINE business leaders reported that their companies lost P4 trillion in revenues due to fraud over the past year, according to a study by TransUnion.
The report noted that business leaders surveyed in Canada, Hong Kong, India, the Philippines, UK and US reported their companies lost on average 7.7 percent of revenue in the past year due to fraud, which is up from 6.5 percent in 2024.
This represents $534 billion of fraud losses among the 1,200 business leaders surveyed in 2025, TransUnion said.
Based on the study, the 200 Philippine business leaders surveyed said the ‘most prominent’ cause of fraud loss was scam/authorized fraud and first-party fraud, ‘reflecting a dual threat from deception and internal misrepresentation.’
Meanwhile, 56 percent of Philippine business leaders ranked identity verification as the ‘most effective technology’ for preventing fraud.
Hong Kong and India shared the same sentiment with 53 percent and 51 percent of the business leaders, respectively, saying so.
In particular, the study noted that device reputation and behavioral biometrics are ‘gaining traction,’ especially in Hong Kong (49 percent and 44 percent respectively) and the Philippines (48 percent and 41 percent, respectively).
Meanwhile, the Philippines showed stronger adoption of email reputation (44 percent), aligning with phishing being the most reported fraud scheme by Filipinos in TransUnion’s recent consumer survey.
The report also highlighted that consumer-reported fraud is highest in the Philippines but ‘widespread.’
In particular, nearly two-thirds or 65 percent of consumers reported being targeted-one of the highest globally.
Of these, 9 percent said they fell victim, in line with the global average.
‘Phishing led as the top fraud scheme. The high targeting rate underscores the need for consumer education, multi-factor authentication and real-time fraud detection tools,’ the TransUnion study noted.