Digital fraud is costing Philippine companies as much as ₱4 trillion a year, with scammers able to move across banks and other financial platforms faster than individual institutions can piece together what is happening.

Bangko Sentral ng Pilipinas (BSP) general counsel Roberto L. Figueroa said fraudsters often have a clearer view of a scam because banks typically see only the activity taking place within their own systems.

“The fraudster or the scammer can see the complete picture, but the institutions involved in this scam or fraud cannot,” Figueroa said at the CIBI Impact 2026 conference. “This is the gap, therefore, that we need to close.”

Fraud affected 34% of Filipinos in 2025, according to a whitepaper by identity verification firm IDfy, and digital fraud is estimated to cost corporations as much as ₱4 trillion annually. Artificial intelligence, deepfakes, phishing and mule accounts are also giving scammers more ways to target victims and move stolen money.

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