Conference underscores need for collaboration to protect consumers in digital transactions

The 2025 BPI CyberProtect Conference called for stronger collaboration among government, industry, and international partners to protect consumers from growing cybersecurity threats.

Organized by the Bank of the Philippine Islands (BPI), the event focused on “Global Best Practices in Consumer Protection: New Threats, New Defenses,” and underscored the need to safeguard Filipino consumers in an increasingly digital financial ecosystem.

“Consumer protection today isn’t just a policy or a set of regulations,” said Jose Teodoro “TG” Limcaoco, president and CEO of BPI. “It’s a promise, a promise that every transaction is secure, every piece of data is treated with the utmost care, and every consumer is empowered to navigate the digital space safely.”

Speakers and panelists stressed that cybersecurity risks cannot be addressed by a single sector. They pointed to the need for partnerships between regulators, financial institutions, law enforcement, and civil society to address fraud and cybercrimes that target ordinary users.

Data from the Cybercrime Investigation and Coordinating Center (CICC) showed a sharp increase in cybercrime cases in 2024. The agency received 10,004 complaints, up from 3,317 in 2023. Consumer fraud accounted for 35% of these reports, with total losses estimated at nearly ₱198 million.

“We cannot expect consumers to be cybersecurity experts, nor should they be alone to bear the burden of protection,” said Sen. Mark Villar. “It is undeniable that we live in an era of unprecedented digital transformation… technology has interwoven itself into the very fabric of our daily lives, bringing convenience and innovation.”

He cited the Internet Transactions Act and the Anti-Financial Account Scamming Act (AFASA) as key pieces of legislation meant to create legal safeguards for online users. AFASA, or Republic Act No. 12010, was signed into law recently.

Expert-led sessions at the conference explored topics such as fraud prevention, local and global responses to financial scams, and the impact of emerging technologies on cybersecurity. Regulatory updates and strategies for cross-border cooperation were also discussed.