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.
Source: Philstar Biz
https://www.philstar.com/business/2026/09/24/2558443/philippines-risks-losing-p603-billion-yearly-digital-fraud-report