The Bankers Association of the Philippines (BAP), in partnership with the government and technology firms, will be deploying a range of cybersecurity activities and measures — including alternatives to one-time passwords — as scam attempts in the country rank among the highest in the world.
In a push for a “whole-of-ecosystem” approach, BAP said financial technology, e-commerce, and telecommunications firms, along with several government agencies, will integrate digital systems, develop educational materials, and adopt innovative security tools to further reduce cyber scam victims.
BAP said the Department of Information and Communications Technology, the Bangko Sentral ng Pilipinas, and the National Privacy Commission have committed to enhance policies, upgrade technologies, and intensify other consumer protection measures through constant collaboration with industry players.
In a statement to the media on Tuesday, BAP said cybersecurity efforts will include joint public advisories on cyber safety, the creation of a national fraud database, cyber literacy campaigns, and real-time coordination protocols between the private sector and the government.
Together with government agencies, BAP added it will create standardized scam typologies to help companies and law enforcement quickly detect cyber threats.
BAP is also preparing to introduce alternatives to one-time passwords, as fraudsters become more technologically sophisticated and manipulative.
TransUnion, a global credit reporting agency, reported that the Philippines recorded an overall suspected digital fraud rate of 13.4 percent last year — the second highest after India’s 19 percent.
However, TransUnion noted that the Philippines made significant progress in reducing fraud targeting banks and other financial institutions, with a 35 percent drop in suspected cases compared to 2023.
It added that 74 percent of Filipinos received suspicious messages via email, text, or calls in the fourth quarter of 2024 — well above the global average of 53 percent. Of those targeted, 34 percent admitted losing an average of P44,700 to scams.
Telecommunications companies saw a slower decline in suspected fraud cases at 32 percent.
In contrast, suspected fraud cases among retail firms rose by 5 percent, while cases involving government entities surged by 26 percent.