Fighting cyber fraud in PH financial system

THE Philippine financial system is facing a hostile digital threat environment. Cyber fraud has grown in speed, scale and sophistication — exploiting authentication gaps, weaponizing social engineering to hijack financial accounts and leveraging money mules to launder proceeds across the banking system. This is reflected in the Anti-Financial Account Scamming Act’s (Afasa) declaration of policy, which acknowledges that criminal syndicates are actively targeting financial accounts and