CIBI Information Inc., a local credit bureau, launched the Fraud Bureau, a joint effort among financial institutions to reduce fraud and cybercrime through data sharing and collaboration.
Cybercrime in the Philippines increased sharply in 2024, with cases tripling to 10,004, according to the Cybercrime Investigation and Coordinating Center (CICC). To respond to this growing issue, the Fraud Bureau will allow banks, fintech firms, and other financial institutions to securely share information on suspicious applications and flagged individuals.
“The significant increase in fraudulent activity highlights the urgent need for coordinated action. CIBI recognizes that data-driven collaboration is essential to tackling fraud, an insight that helped shape the Bureau’s framework and mission,” said Pia Arellano, president and CEO of CIBI. “This collaborative approach strengthens industry-wide defenses and supports greater trust and transparency in the financial ecosystem.”
Speeding up fraud detection
The initiative is expected to speed up fraud detection by using shared data from multiple institutions. It will also help prevent future cases by identifying patterns and warning others in the network. The Fraud Bureau’s long-term goal is to build a stronger and more secure financial environment by improving trust between institutions and their customers.
“By collectively combating fraud, we not only protect consumers but also build confidence in digital financial services, enabling broader adoption, financial inclusion, and long-term resilience in the country’s evolving fintech landscape,” Arellano said.
CIBI said the Bureau also supports its wider mission of encouraging financial inclusion in the country. By offering reliable insights, it hopes to help companies and consumers make better financial decisions while reducing risks tied to fraud.
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