CIBI champions collective action against rising digital fraud with the launch of the CIBI Fraud Bureau
As cyberattacks grow more sophisticated, the Philippine financial sector faces an urgent challenge: staying one step ahead of fraud. According to the Bangko Sentral ng Pilipinas (BSP), cybercrimes cost local financial institutions a staggering ₱5.82 billion in 2024, a sharp rise from the year before.
This alarming figure highlights how rapidly scammers are evolving from identity theft and phishing to AI-powered deepfakes and why traditional, isolated systems can no longer keep up.
“Fraud is no longer a challenge we can face in silos,” said Edith Roberto, CIBI’s Head of Individual Credit Solutions and Partnerships. “We must shift to a proactive, collaborative approach through data sharing, to prevent scammers from exploiting the gaps in a fragmented system.”
From Fragmented Defense to Unified Protection
When institutions operate independently, fraudsters can easily exploit the gaps. For instance, a scammer blacklisted by one bank could still apply for loans or open accounts elsewhere without detection.
Data sharing changes that. By pooling verified information on suspicious activities, banks, fintech companies, and other industries can create a collective defense network—one that detects fraud faster, reduces losses, and protects customers before scams progress.
This unified approach offers two key advantages:
Real-time fraud detection – Shared data enables institutions to spot new patterns and respond quickly.
Faster recovery rates – With interconnected systems, financial institutions can block fraudulent transactions before they escalate.
“Fraud prevention strategies must evolve from reaction to prevention,” explained Pia Arellano, CIBI President and CEO. “Fraud will continue to evolve, but our defense must evolve faster.”
Introducing the CIBI Fraud Bureau
To turn collaboration into action, CIBI Information Inc. has launched the CIBI Fraud Bureau, a groundbreaking data-sharing platform that unites traditional banks, fintech firms, telcos, and other industries in the fight against fraud.
Participants share verified records of confirmed and suspicious fraudsters, allowing members to cross-check applications instantly. If an individual has been flagged by another institution, the system alerts the member before any transaction is approved.
This model works on data reciprocity. Participants must contribute data to gain access to the shared information. This ensures that the database continuously grows, strengthening the country’s fraud defenses. All data sharing adheres strictly to data privacy laws and BSP regulations, maintaining full compliance and security.
Building a Safer, More Connected Financial System
The CIBI Fraud Bureau aligns with the BSP’s mission to curb fraudulent activity through cooperation and innovation. By breaking down barriers between financial institutions, the initiative supports the long-term goal of financial inclusion and consumer protection.
Ultimately, this effort marks a step toward a safer, more resilient financial ecosystem—one built on trust, transparency, and shared vigilance.
For more information, visit www.cibi.com.ph.