PHILIPPINE financial institutions face a growing threat. In 2024, cyberattacks cost the industry a staggering P5.82 billion, a significant jump from the year before, according to the Bangko Sentral ng Pilipinas (BSP). This increase highlights how quickly fraud tactics evolve and the need for stronger collaboration among institutions.
From identity theft to deepfakes, fraud is evolving fast, leaving businesses struggling to keep up. A fragmented, siloed system creates critical blind spots: when a scammer is flagged at one bank, the lack of shared information allows them to continue their schemes at other institutions, undetected.
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Mindanao Times
