Globe Business strengthens fraud defenses for financial institutions under AFASA

As “fraud” becomes harder to detect across digital banking, e-wallets, and other financial platforms, Globe Business is helping financial institutions strengthen defenses while keeping authentication less disruptive for customers.

The company is positioning its cybersecurity, network intelligence, and application programming interface (API) capabilities as tools for banks, fintech firms, insurers, and other financial institutions adjusting to the requirements of Republic Act No. 12010, or the Anti-Financial Account Scamming Act (AFASA).

AFASA requires Bangko Sentral ng Pilipinas-supervised financial institutions to strengthen measures against financial account scams, including fraud detection, account verification, and security controls.

Globe Business said meeting these requirements will increasingly require institutions to move beyond responding to attacks after they occur and instead develop systems capable of detecting and preventing suspicious activity earlier.

“The financial services industry continues to evolve rapidly, and institutions are expected to innovate while protecting customers from increasingly complex cyber threats,” Globe Business Vice President Glenn Estrella said.

“Organizations need solutions that strengthen security without creating unnecessary friction. Globe Business is committed to helping our partners simplify compliance, protect their customers, and continue innovating with confidence,” he added.

Among the technologies being offered by the company is “G Verify”, a Silent Network Authentication service that uses mobile network intelligence to verify legitimate users without requiring them to enter a one-time password for every authentication attempt.

Instead of relying solely on information manually entered by a customer, Silent Network Authentication can verify a user’s mobile connection in the background.

Globe Business said this approach could help financial institutions reduce exposure to threats such as SIM swap attacks, account takeovers, social engineering, and other forms of digital fraud while making the authentication process less cumbersome for legitimate users.

The technology reflects a wider challenge facing banks and fintech firms as more financial services become embedded into websites, applications, and other digital platforms.

Convenience has made it easier for Filipinos to transfer money, pay bills, access credit, and manage accounts online. At the same time, the expansion of digital services has created more potential entry points for fraudsters attempting to obtain credentials or take control of financial accounts.

Globe Business previously introduced its Silent Network Authentication capability during the Asian Banking & Finance Forum in 2025 as an alternative approach to identity verification using mobile network information.

Its G Verify service builds on that technology as financial institutions reassess their security systems amid evolving threats and regulatory requirements.

Globe Business also showcased its broader cybersecurity portfolio during the recent BFSI Philippines Summit 2026, where it discussed cyber resilience, AFASA compliance, and technology planning with representatives from the banking, financial services, and insurance sectors.

The company said its approach combines cybersecurity services, APIs, connectivity, and network-based authentication to help organizations secure digital transactions without adding unnecessary steps for customers.

“Building trust in every digital transaction requires security that works quietly in the background without disrupting the customer experience,” Estrella said.

“By combining cybersecurity expertise, intelligent APIs, and trusted network capabilities, Globe Business helps financial institutions strengthen fraud prevention while supporting the next generation of secure digital services,” he added.

As financial institutions continue expanding digital services, the challenge will be to make stronger security controls work without turning every transaction into a complicated process for customers.

For Globe Business, technologies such as network-based authentication offer one way for financial institutions to make fraud prevention less visible to legitimate users while strengthening defenses behind every digital transaction.