Recognizing this growing threat, CIBI Information Inc., the country’s first and only local credit bureau, has officially launched the Fraud Bureau, a pioneering initiative aimed at uniting the financial sector against fraud.
According to the Cybercrime Investigation and Coordinating Center (CICC), the sharp increase in digital threats underscores the necessity for a coordinated, data-driven response. CIBI’s Fraud Bureau seeks to do just that—offering a secure platform for banks, fintech companies, and financial institutions to share information on suspicious applicant behavior, blacklist data, and real-time application trends.
The Fraud Bureau’s primary objective is to create a unified intelligence-sharing ecosystem that promotes proactive fraud detection, rapid identification of risks, and robust cybercrime prevention. By pooling insights and resources, members of the Bureau can build stronger defenses and foster transparency and trust in the Philippine financial system.
“The significant increase in fraudulent activity highlights the urgent need for coordinated action,” said CIBI president and CEO Pia Arellano. “CIBI recognizes that data-driven collaboration is essential to tackling fraud. This initiative strengthens industry-wide defenses and supports greater trust and transparency in our financial ecosystem.”
As the nation’s leading credit reporting agency, CIBI has long championed financial inclusion and informed decision-making. The Fraud Bureau aligns with this mission by empowering financial institutions to combat fraud while protecting consumers and promoting sustainable fintech innovation. — Ed: Corrie S. Narisma
