Protect Your "Budol" Finds

How insurance plays a role in e-shopping

Filipinos love to shop online - a recent report by data and analytics firm GlobalData showed that nearly 90% of Filipino consumers have shopped online in the last six months. The e-commerce market is expected to grow by 22.9% and reach a value of PHP615.7 billion within the year. Along with the widespread adoption and convenience online shopping offers comes the risk of frauds from fake products to sellers who send defective products or send no product at all. 61% of Filipinos reported being targeted and/or victims of fraud in the past three months, according to a Q4 2022 Consumer Pulse Study by consumer credit reporting agency, TransUnion. This is a significant increase from the 55% reported in Q3 of the same year. While phishing remained the most commonly reported fraud scheme (51%), third-party seller scams on legitimate e-commerce sites came in third (33%), indicating a concerning trend that puts Filipino online shoppers at risk.

So before you whip out your smartphone and click buy on that item you’re itching to get your hands on, here are a few tips you can do to protect your “budol” finds and your hard-earned money from online shopping frauds:

Buy from official stores or legitimate sellers