Fintech firms: Cyber fraud rising, to worsen with war

THE surge in cyber fraud cases, particularly the rise in mule accounts in the Philippines, is “very alarming” and may even worsen due to the potential economic consequences of the ongoing war in the Middle East, according to Fintech Alliance, the country’s largest digital industry association.

- By Andrea San Juan

According to the group’s founding chairman, “the volume or value of cyber fraud reported for 2025 would already be equivalent to the first quarter of 2026.”

“The surge in terms of cyberfraud is very alarming,” Angelito M. Villanueva said on the sidelines of the launch of the “Fraud Intelligence Data Sharing,” or “Fids,” network last Wednesday.

Villanueva added that because of economic conditions, especially with the crisis in the Middle East, people may become desperate.

“Kapit sa patalim na parang at the end of the day, kailangan ko kumain, kailangan namin kumain ng pamilyako,” he said during the briefing after the launch. So some would sell their account “without knowing that if caught, they will be part of the criminal” act.

Villanueva raised this concern as cybercriminals are now asking consumers to sell their legitimate accounts for as low as P4,000 to as much as P10,000.

He said these are all legitimate e-KYC or “know-your-customer” accounts being sold to fraudsters. Villanueva said there are also consumers offering accounts for rent for as low as P500 to as much as P1,000.