The Bank of the Philippine Islands (BPI) convened industry leaders, regulators, and cybersecurity experts last July 31 for its annual CyberProtect Conference, focusing on emerging cyber threats and financial fraud prevention.
With the theme “Global Best Practices in Customer Protection: New Threats, New Defenses,” the event featured discussions on global frameworks for fraud prevention, the evolving regulatory landscape, and the recently enacted Republic Act No. 12010, or the Anti-Financial Account Scamming Act (AFASA). The law aims to curb fraudulent activities involving bank accounts, e-wallets, and other digital platforms, while bolstering consumer protection and financial system integrity.
Bangko Sentral ng Pilipinas deputy governor Elmore Capule underscored AFASA’s role in deterring fraud and strengthening public trust in digital banking. He said the BSP is enhancing its framework to safeguard financial consumers and uphold institutional credibility.
Data from the Cybercrime Investigation and Coordinating Center (CICC) showed a sharp increase in cybercrime complaints, from 3,317 in 2023 to 10,004 in 2024. Consumer fraud comprised 35% of the reports, with losses nearing ₱198 million.
In a message to the conference, Pres. Ferdinand Marcos Jr. called for stronger cooperation between the public and private sectors to build a resilient digital economy.
Responding to this, BPI president and CEO Jose Teodoro Limcaoco affirmed the bank’s commitment to work alongside government agencies in combating cybercrime and managing digital risks.
BPI said the annual conference serves not only as a venue for knowledge exchange but also as a driver of collaboration aimed at creating a safer and more inclusive digital financial ecosystem.
