Taguig City: A central bank official on Tuesday emphasized that financial fraud, particularly in the digital age, is not solely the responsibility of the Bangko Sentral ng Pilipinas (BSP) but a shared responsibility among stakeholders. BSP Deputy Governor Chuchi Fonacier highlighted this during the 2nd Quarter Digital Industry Caucus held in Taguig City.

According to Philippines News Agency, Fonacier stated that combating financial fraud requires a holistic approach. She referenced Republic Act (RA) 12010, known as the Anti-Financial Account Scamming Act (AFASA), and BSP Circular Nos. 1213, 1214, and 1215, which outline measures to tackle scamming and related issues. Fonacier emphasized the need for collaboration, saying, "It's working together. So, it's not one institution that can address this. Not even BSP alone but really the entire ecosystem, ecosystem of players, regulators, innovators and the financial institutions."

Fonacier also mentioned the support provided by the national government in addressing issues related to artificial intelligence (AI) and challenges in financial system innovation. She expressed hope that the government's willingness to collaborate with the private sector on AI could aid in developing tools to combat cyber threats.

Lito Villanueva, Fintech Alliance founding chair, noted that the signing of AFASA in July 2024 is a significant step forward in addressing the impact of cybercrimes. He stated that it has been crucial in ensuring the Philippines' removal from the Financial Action Task Force's (FATF) gray list. The Philippines was placed on the gray list in 2021 due to deficiencies in policies against money laundering and terrorism financing but was removed in February this year after addressing these gaps.