Credit bureau CIBI Information Inc. underscored the need for greater data sharing and collaboration among banks, fintech firms, telecommunications companies, and e-wallet providers to strengthen defenses against fraud and scams, despite growing privacy and security concerns.

“Fraud is no longer a challenge we can face in silos,” CIBI Head of Individual Credit Solutions and Partnerships Edith Roberto said. “We must shift to proactive, collaborative approach to data sharing, to prevent scammers from exploiting gaps in a fragmented system.”

CIBI said that fragmented systems often create blind spots that fraudsters exploit. When one institution flags a scammer, they can easily move to another that is not yet aware of the threat.

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