Regulatory frameworks targeting digital financial fraud face ongoing operational tests, driving calls for faster inter-agency enforcement to turn legislation into active consumer protections.
Maya, a digital financial services platform in the Philippines, is advocating for tighter operational alignment among government agencies, financial institutions, telecommunications providers, and law enforcement bodies to counter rising digital scams.
Kristoffer Rada, Maya head of corporate affairs, emphasized that consumer defense relies on systemic coordination across sectors.
“A safer digital space needs everyone around the table,” Rada said.
Rada noted that while statutory frameworks such as the Anti-Financial Account Scamming Act (AFASA) and Bangko Sentral ng Pilipinas (BSP) implementing regulations are in place, practical enforcement remains the critical test.
“Laws and plans work when we can put them into practice,” Rada also said, highlighting the need for rapid response protocols, inter-agency verification, and direct assistance for victims of fraud.
Rada also stressed the necessity of targeting consumer education toward younger demographics to counter evolving fraud methods and prevent credential exposure.
In response to seasonal fraud spikes, Maya warned consumers to exercise heightened caution during the upcoming holiday shopping period, specifically pointing to unverified online sales, suspicious hyperlinks, and fraudulent payment solicitations.
The company advised account holders to confirm merchant details prior to transferring funds and reiterated that passwords and one-time PINs (OTPs) should never be shared.
Maya noted that its internal platform includes account controls through the Maya Security Center, enabling users to monitor active logins, establish daily transfer caps, and freeze credit cards upon detecting suspicious transactions.
The firm actively participates in the Department of Justice–Office of Cybercrime’s (DOJ-OOC) Technical Working Group on Financial Cybercrime Concerns alongside the Department of Trade and Industry, BSP, National Telecommunications Commission, telecom operators, and financial entities.
Maya also aligns with the Cybercrime Investigation and Coordinating Center’s Scam Safe initiative and engages in multi-stakeholder enforcement networks involving the Philippine National Police, Securities and Exchange Commission, and private-sector groups.