MANILA, Philippines — The Cybercrime Investigation and Coordinating Center (CICC) has identified financial technology (FinTech) crimes as its primary focus in 2024, citing an alarming rise in scams and fraudulent activities targeting digital wallets and online financial platforms across the country.

CICC Assistant Secretary Magsaysay said FinTech crimes have become the most common form of cyberfraud, often exploiting trust to gain unauthorized access to users’ financial accounts.

“At the end of the day, cyberfraud becomes FinTech crime — whether it begins as a breach, phishing attack, or romance scam, it always ends with someone losing money through digital financial platforms,” he said in Filipimo during a Malacañang briefing Wednesday.

Growing threat of FinTech fraud

Digital wallet users and financial app customers have reported increased cases of unauthorized transactions, with many victims unaware of how their accounts were compromised. 

In September, scam calls and messages in the Philippines have increased by 200 percent in the first eight months of 2024, compared to the same period last year, according to anti-scam app Whoscall.

From January 1 to August 15, Whoscall recorded over 3 million text scams and more than 320,000 scam calls. Many more spam messages and calls were also reported by users.

Whoscall’s developer, Gogolook, found that the most common types of scams were:

• 25 percent involved phishing sites
• 18 percent offered fake gift cards or promotions
• 17 percent encouraged downloading apps from untrusted sources
• 15 percent were job, loan, or investment scams
• 14 percent targeted people looking to buy tech gadgets

Magsaysay said that cybercriminals are exploiting vulnerabilities in financial platforms, often bypassing security measures through sophisticated scams.

In response, the CICC has “intensified” coordination with digital wallet providers and financial institutions, urging them to enhance cybersecurity measures and cooperate more closely with law enforcement agencies to address breaches and track down perpetrators.

To empower users and organizations in combating FinTech crimes, the CICC launched the Philippine Digital Forensics Manual this year. Accessible online and integrated with AI, the manual offers guidance on detecting breaches, securing financial accounts, and drafting essential agreements for cybersecurity protection, he said

The resource, available in multiple Philippine languages, aims to make critical information accessible to individuals, businesses, and government agencies. 

“This tool bridges the knowledge gap in cybersecurity, equipping users with reliable, locally relevant information to respond to financial fraud,” Magsaysay said.

Strengthening investigative capabilities

The CICC also established digital forensic laboratories, which are now available to law enforcement agencies and local government units. These facilities provide advanced tools for analyzing digital evidence, tracking cybercriminal activities, and supporting legal cases against offenders.

“FinTech crime isn’t just about stolen money — it’s about broken trust and disrupted livelihoods. The CICC remains steadfast in its mission to secure our financial digital ecosystem and protect every Filipino from these evolving threats,”Magsaysay said.