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Lito Villanueva, RCBC's Executive Vice President, emphasized the need for technology and partnerships to combat cyber threats during the Digital Nation Summit in Manila. He highlighted the alarming statistics that show 29% of Filipino consumers have been victims of financial crimes, alongside a staggering 4,500% increase in deepfake incidents. Villanueva advocated for the adoption of AI technologies and the formation of public-private task forces to enhance fraud detection and prevention efforts.
Villanueva detailed how RCBC is leveraging AI to improve productivity and customer engagement, with a focus on upskilling its workforce in data science and AI. The bank's initiatives include anomaly detection and behavioral biometrics, which have significantly increased fraud detection accuracy. Collaborative efforts with industry players and government agencies, such as the #WagMagpaLokoMagingScamAlerto campaign, aim to raise public awareness and financial literacy to empower citizens against scams.
• RCBC emphasizes AI's role in enhancing fraud detection and prevention.
• Public-private partnerships are crucial in combating rising cyber threats.
AI technologies are utilized by RCBC to improve fraud detection and customer engagement.
Anomaly detection techniques are employed to identify unusual patterns indicative of fraud.
Behavioral biometrics enhance security by analyzing user behavior for fraud prevention.
RCBC is a leading digital challenger bank in the Philippines, focusing on AI to combat fraud.
PLDT is involved in discussions on technological solutions to enhance consumer protection against scams.
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