TAGUIG CITY, PHILIPPINES – As the Philippines accelerates toward a digital economy, a critical obstacle stands in its path: escalating financial fraud. In response, the Consumer Lending Association of the Philippines (CLAP) is leading the charge to combat this threat and safeguard the nation’s financial future.
With cybercrime complaints tripling to over 10,000 cases in 2024 according to the Cybercrime Investigation and Coordinating Center (CICC), urgent action is required. On July 10, 2025, CLAP convened over 100 industry leaders and top government regulators for “Decoding Deceit: A Financial Fraud Forum” to forge a unified defense against cross-border criminal syndicates.
A Unified, Tech-Driven Defense
Forum panels underscored that isolated efforts are no longer enough. Public sector leaders from the BSP, SEC, NPC, and CICC emphasized that rapid information sharing and advanced technology are non-negotiable.
SEC Commissioner Rogelio V. Quevedo stressed the need for modernization: “We should empower agencies with AI tools to keep up with evolving scams. At the same time, we can also partner with telcos and social media platforms to block known scam numbers.”
CICC and NPC officials echoed this urgency, noting that robust data privacy frameworks and advanced monitoring are vital to thwarting modern threats like deepfakes, biometric spoofing, and 2FA circumvention.
Tailored Protection for the Filipino Consumer
On the industry side, experts highlighted that a “one-size-fits-all” defense is obsolete.
“In the Philippine context, strong social media use and widespread mobile phone penetration create unique vulnerabilities,” noted Atty. Abraham Guiyab of SAVii. “Fraud controls should be tailored to address these specific risks, adapting tools and safeguards to fit each customer segment.”
Defending Financial Inclusion
Beyond immediate monetary losses, fraud fundamentally threatens national financial inclusion. Scams drive up default rates, increase operational costs, and, most devastatingly, discourage first-time borrowers from engaging with formal financial systems—deepening economic exclusion.
“In our interconnected, increasingly digital world, deceit is diverse and constantly evolving. It is imperative that we work together to stay informed and forearmed,” concluded CLAP President Arianne Ferrer. “Everything we discover today and do tomorrow must serve and protect our customers.”
Through creative technological solutions, active support for legal reforms, and robust public-private collaboration, CLAP continues to shape a safer financial ecosystem that benefits all Filipinos.
Join the Mission
Financing and lending companies in good standing with the SEC who share CLAP’s mission of achieving national prosperity through financial inclusion are invited to apply for membership. Contact us at secretariat@clap.com.ph.
“Decoding Deceit: A Financial Fraud Forum” was made possible by platinum sponsor Tala Financing Philippines Inc.; gold sponsors LenderLink Pte Ltd and Villaraza & Angangco Law Office; and silver sponsors Fuse Financing Inc. and Maya Philippines, Inc. CLAP proudly recognizes founding members SeaMoney (Credit) Finance Philippines, Inc. (SeaMoney), Skyro Lending, Inc. (Skyro), Tala Financing Philippines Inc. (Tala), Templetech Finance Corp. (TendoPay by Tonik), and WeFund Lending Corp. (JuanHand), alongside observer member New Cross Credit and Financing Gate PH Inc. (SAVii).