Fintech sector urged to enhance cybersecurity measures in the Philippines

Protecta Pilipinas, a group of telecom and government representatives, has called on the fintech sector to enhance cybersecurity measures amid rising hacker attacks. They emphasized the importance of multifactor authentication and real-time fraud detection systems. The group highlighted the need for fintech companies to use advanced technologies like artificial intelligence to identify threats. They also urged firms to keep users informed about new scams and to share best practices for online safety. In the Philippines, text scams have become prevalent, leading to significant financial losses. A recent report indicated that Filipinos lost $8.1 billion to scams in the past year, with many victims unaware they had been scammed until later.