Covid-19 has undeniably disrupted global economic activities and provided many new opportunities for fraudsters to exploit loopholes in the financial system. As more Filipinos shift to digital banking, there has also been a significant rise in scams and fraud cases. From 2019 to 2021, Bangko Sentral ng Pilipinas (BSP) reported 2 billion pesos lost by consumers to fraudulent financial transactions. As this worrying trend keeps up, authorities are ramping up the fight against fraud.

With new guidelines implemented to Designated Non-Financial Business and Professions (DNFBPs), and the introduction of the Financial Consumer Protection Act, it is now high time for businesses and financial institutions to re-imagine your financial crime management to better protect yourself and your customers.

Expert panellists