Fraud is getting faster, smarter and harder to spot
Digital financial services have made transactions faster and more convenient, but the same technologies have also given criminals new ways to operate at scale.
Deepfakes, phishing attacks, stolen identities, compromised credentials and mule accounts are increasingly being used to move money across multiple platforms, making fraud harder to detect using traditional controls alone.
According to a whitepaper by IDfy, 34% of Filipinos were affected by fraud in 2025, while digital fraud is estimated to cost corporations as much as ₱4 trillion annually.
The problem is that even institutions with strong internal fraud systems may still see only a fraction of the activity.
A suspicious transaction at one bank could be connected to an account at another lender, a digital wallet elsewhere and an identity being used across multiple platforms. Without shared intelligence, each institution may only see one piece of the scheme.
“No institution can see an entire fraud pattern on its own,” Figueroa said.
“But through trusted data, coordinated verification, timely intelligence, and sound legal safeguards, we can make the system more capable of detecting fraud early and preventing it from moving further.”
Read more at the
NewsCentral Media
