Cybercrime continues to be a rapidly rising threat, with cases in the Philippines tripling to 10,004 in 2024, according to the Cybercrime Investigation and Coordinating Center (CICC). CIBI Information Inc., the country’s first and only local credit bureau, recognizing the urgent need for a coordinated, data-driven approach to fight cybercrime, officially launches the Fraud Bureau.
The Fraud Bureau is a collaborative initiative that unites banks, fintechs, and financial institutions to share data on potentially deceptive applicant activity securely. This data includes watchlist or blacklist information, as well as details from incoming applications and inquiries.