Innovate Your KYC to Combat Identity Crimes in the Financial Industry and Beyond

by Fintech News Hong Kong February 17, 2022

Covid-19 has undeniably disrupted global economic activities and provided many new opportunities for fraudsters to exploit loopholes in the financial system. As the Philippines market saw a shift to digital banking following the onset of Covid-19, there has been a significant rise in scams and fraud cases. From 2019 to 2021, Bangko Sentral ng Pilipinas (BSP) reported 2 billion pesos lost by consumers to fraudulent financial transactions. As this worrying trend keeps up, authorities are ramping up the fight against fraud.

With new guidelines implemented to Designated Non-Financial Business and Professions (DNFBPs), and the introduction of the Financial Consumer Protection Act, it is now high time for businesses and financial institutions to re-imagine your financial crime management to better protect yourself and your customers.