CREDIT BUREAU CIBI Information Inc. launched a data-sharing initiative meant to help financial institutions combat cybercrime.
“The Fraud Bureau is a collaborative initiative that unites banks, fintechs, and financial institutions to share data on potentially deceptive applicant activity securely… The Fraud Bureau is poised to become a vital platform for financial institutions to share intelligence and collaborate in fighting fraud,” CIBI said in a statement on Tuesday.
“By compiling resources, the Fraud Bureau promotes proactive detection, speeds up identification, and strengthens cybercrime prevention efforts across the financial sector”
The data on the platform include watchlist or blacklist information and details from incoming applications and inquiries, among others, allowing for greater transparency in the financial industry, it said.
This will help address the need for a coordinated, data-driven approach to fighting cyberthreats that affect the sector, it added, inviting other institutions to join the “shared defense network.”
“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. This collaborative approach strengthens industry-wide defenses and supports greater trust and transparency in the financial ecosystem,” CIBI President and Chief Executive Officer Pia L. Arellano said.
“This initiative marks a meaningful step toward empowering Filipinos and fostering sustainable progress through responsible fintech innovation. 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,” Ms. Arellano added.
Source: bworldonline.com
