Download our report to find out how financial institutions in the Philippines are safeguarding their digital products and channels in an age of increased digital adoption.
of FIs predict an increase in scams in the next year
of FIs use data from interconnected devices and transactions data
of FIs are investing in platforms to share data across fraud, compliance and cybersecurity
63% of financial institutes in the Philippines are proactively refreshing fraud and compliance risk solutions annually to meet evolving threats.
In this report, we analyse emerging trends in the Philippines financial institutes (FIs), their digitalisation priorities and existing gaps in fraud control and mitigation.
The study gauges the digitalisation priorities of FIs, assessing key fraud and security challenges, as well as evaluating the existing gaps that need to be overcome to mitigate fraud in a rapidly digitalising world.
Digital transactions are expected to grow faster compared to regional peers in response to pandemic-driven digital adoption and digital transformation.
Data standardization emerges as the biggest challenge in risk investigation with inadequate data standardisation and fragmented data. The majority of FIs in the Philippines rely on data from interconnected devices and transaction data, higher than the regional average.
Online security threats have seen an escalation in the Philippines, with more FIs than other countries in the region reporting an increase in identity fraud, money laundering, phishing and scams in 2021. Scams, money laundering and malware attacks are predicted to increase in the next year.
Regulatory penalties emerge as the largest fraud-related loss as local regulators issue new sweeping directives, requiring FIs to boost risk management capabilities and quickly implement new systems. This indicates an urgent need to strengthen risk management and compliance.
Organisational integration between cybersecurity, fraud control and compliance functions is still behind the regional average, with over a third of FIs in the Philippines not yet integrated.
Continual technology and skill development is being proactively undertaken, with the majority of FIs refreshing fraud and compliance risk solutions annually to meet evolving threats.