Philippines risks losing P603 billion yearly to digital fraud – report
The Philippines could lose an estimated P603 billion annually to fraud involving mule accounts, according to a joint report by IDfy Philippines and CIBI Information Inc., which urged financial institutions to strengthen identity checks and share information on suspicious activities.
A joint report by IDfy Philippines and CIBI Information Inc. warns that the Philippines could lose P603 billion each year to fraud linked to mule accounts. These accounts are used by criminals to receive and move illicit funds, which may be obtained by renting or purchasing them from willing account holders or seizing them without consent.
The white paper, "Mule Hunting: Are We Chasing Ghosts?", estimates that P24.74 trillion in combined transactions processed through PESONet and InstaPay in 2025 are potentially exposed to 4.4% digital fraud. After applying a 55.4% factor for emerging-market benchmarks, the report estimates that around P603 billion is linked to fraud schemes using mule accounts.
The report highlights gaps in information sharing that allow criminal syndicates to move money across institutions before patterns are noticed. It suggests strengthening identity checks, sharing information on suspicious activities, and combining transaction monitoring with biometric verification to combat the issue.
Written by urgent.news from Philippine Star Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
