Financial crimes in the Philippines grow against the background of digitalization

According to a joint report by Tookitaki, AFC EcoSystem and Abcomp Philippines, the Philippine Financial System faced a sharp increase in crimes, including fraud and money laundering.

Experts say that the digitalization of the financial sector, on the one hand, increased the availability of services and, on the other, opened new opportunities for intruders.

The report identifies key problems: investment fraud through social networks, which caused losses of more than $ 100 billion peso ($ 1.74 billion), increased incidents of breaking bank accounts (more than 3000 incidents with 409 million peso), and illegal sections. Of particular concern is the poor regulation of high -rise industries, including casino, brokerage and legal services.

The research authors call on to strengthen the CUC (KYC) procedures, strengthen international cooperation and the implementation of modern financial transactions monitoring systems to counteract these threats.

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