FinTech summit: fraud & trust
At a recent summit FinTech Alliance PH urged stronger fraud defenses and digital trust across the sector, stressing that payments and lending innovations need better risk controls as product complexity grows. The event and coverage highlighted fraud mitigation and regulatory alignment as ongoing industry priorities. (manilatimes.net)
The FinTech Alliance PH rolled out the Fraud Intelligence Data Sharing (FIDS) Network at its General Membership Meeting on March 11 in Bonifacio Global City, an event that drew more than 600 banking, fintech and government leaders. (fintechalliance.ph) FIDS runs on CIBI Information Inc.’s platform and centralizes verified fraud signals—watchlists, blacklists and application‑level flags—to enable real‑time checks during onboarding and application reviews. (biia.com) Nine initial financial institutions have agreed to contribute and share intelligence under the FIDS pilot, with members named including BDO Unibank, GoTyme Bank, HSBC, Maya Bank, RCBC, SB Finance, UNO Digital Bank and micro‑lender ABUM. (gmanetwork.com) The Alliance used the March 11 ceremony to induct 22 new members into the organization, with global payment networks Mastercard and Visa specifically joining to broaden cross‑platform fraud visibility. (fintechalliance.ph) CIBI is offering a six‑month proof‑of‑concept for institutions to trial FIDS, and organisers said the network will expand to include telecommunications and insurance firms to better detect mule accounts and cross‑platform fraud. (gmanetwork.com) Organisers say FIDS was initially piloted by roughly 10 institutions and the FinTech Alliance now represents over 150 corporate members, a scale the group points to when arguing the network can materially reduce undetected fraud migrating across providers. (fintechalliance.ph)
