BUSINESS TECH | Sumsub launches AFASA fraud monitoring bundle for PH banks
Under AFASA, banks and financial institutions are required to implement stronger fraud management, authentication, and security systems to protect consumers from scams. The law comes as AI-driven fraud schemes continue to increase globally.
Singapore-based fraud prevention firm Sumsub has launched a fraud management platform aimed at helping Philippine banks and financial institutions comply with the Anti-Financial Account Scamming Act (AFASA) before the law takes full effect on June 25, 2026.
Called the AFASA Fraud Management Bundle, the system combines rule-based fraud detection with dynamic risk scoring to help institutions detect and respond to suspicious transactions in real time. The platform is designed to support fraud prevention, transaction monitoring, and fund recovery.
Under AFASA, banks and financial institutions are required to implement stronger fraud management, authentication, and security systems to protect consumers from scams. The law comes as AI-driven fraud schemes continue to increase globally.
According to Sumsub’s Identity Fraud Report 2025-2026, coordinated AI-assisted fraud attacks rose 180% year on year worldwide. In the Philippines, deepfake attacks increased 61% in 2025, among the highest growth rates in the region.
Penny Chai, vice president for APAC at Sumsub, said the Philippine regulatory environment is placing greater emphasis on how institutions detect and respond to suspicious activity.
“By combining rule-based actions with aggregated risk scoring in a hybrid model, the AFASA Fraud Management Bundle allows institutions to intervene immediately in clear fraud cases while applying more gradual, risk-based assessment across different transaction types and customer profiles,” Chai said.
The platform uses direct-action rules for indicators such as blacklist matches, bot activity, and abnormal access behavior. It also includes a dynamic risk scoring layer that analyzes transaction patterns, behavioral anomalies, and contextual inconsistencies to determine whether additional verification or manual review is needed.
Sumsub said the system can be configured based on an institution’s risk policies, customer profiles, and product offerings. The bundle also integrates with the company’s Device Intelligence, Case Management, and KYC/KYB tools.
The launch follows Sumsub’s recent partnership with Go Digital Philippines as the company expands its fraud prevention and digital identity initiatives across the ASEAN region.
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