Cyberattacks cost Philippine financial institutions PHP 5.82 billion in 2024, a sharp increase that underscores the growing sophistication of fraud schemes, according to the Bangko Sentral ng Pilipinas.
The surge in cybercrime—from identity theft to deepfakes—reflects how fraud tactics continue to evolve faster than many institutions can defend against.
A key vulnerability lies in the fragmented nature of the financial ecosystem, where fraud flagged at one bank may go undetected at another due to the lack of shared information.
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Read more: Daily Guardian
