PROTECTA Pilipinas Statement on Current Trend of Increasing Financial Scams

 “As financial scams grow more sophisticated, Protecta Pilipinas urges the entire fintech industry to implement strong cybersecurity measures that protect both consumers and businesses.

We advocate for the prioritization of robust security protocols, such as multi-factor authentication, end-to-end encryption, and real-time fraud detection systems. Leveraging advanced technologies like artificial intelligence and machine learning can help proactively identify and mitigate threats, even as these same tools are used by cybercriminals.

We believe that building consumer trust requires transparency and education. Fintech firms should regularly update users on emerging threats and best practices for online security, while offering resources to help individuals, especially the vulnerable, avoid scams and contribute to a safer financial ecosystem. Combating financial scams is a collaborative effort. Partnerships among fintech companies, regulators, cybersecurity experts, and consumers are essential to stay ahead of evolving risks.

We encourage the upholding of regulatory standards and the conducting of regular audits to ensure that fintech companies maintain the highest security and compliance mechanisms. By fostering a culture of vigilance and adherence to stringent security measures, the fintech industry can protect users and create a more resilient financial future for all Filipinos.

 

*To report fraud or any other cybercrime incident, feel free to reach out to (protecta pilipinas or CICC through the hotline 1326.”

 

Roy D. Ibay

Convenor, Protecta Pilipinas