Cyber fraud has evolved into an arms race that no single institution can win alone. CIBI Information Inc. is calling for a shift from isolated defenses to a shared data ecosystem, as cyberattacks drained an estimated ₱5.82 billion from Philippine financial institutions in 2024, according to the Bangko Sentral ng Pilipinas (BSP).

The surge underscores how quickly scammers are adapting — from identity theft and phishing to deepfakes and synthetic identities — and how fragmented responses across the financial sector leave dangerous gaps that criminals exploit.

Read more: Fintech News