Arthur Fuentes

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mastercard

Benise Balaoing

ABS-CBN News

MANILA -- Anti-money laundering service TRACE is now in the Philippines, Mastercard said Thursday.TRACE uses artificial intelligence to identify and prevent money laundering and financial crime across a payments network.In a statement, Mastercard explained that real-time payments have made it easier for alleged money launderers or &quot;money mules&quot; to move funds quickly to different bank accounts.“With the rampancy of cybercrime affecting consumers and financial institutions alike, the urgency for stronger, more collaborative fraud prevention solutions has never been greater,&quot; said Mastercard Philippines Country Manager Simon Calasanz.“The Philippines has seen rapid digital payments growth, making it more important than ever to strengthen defenses against financial crime,” he stressed.The Philippines recorded a total of 10,004 cybercrime complaints in 2024, marking a threefold increase compared to 3,317 complaints in 2023, according to the Cybercrime Investigation and Coordinating Center.<div><a href="https://www.abs-cbn.com/news/technology/2025/1/31/cicc-records-over-10-000-cybercrime-complaints-in-2024-1628" rel="noopener noreferrer" target="_blank">CICC records over 10,000 cybercrime complaints in 2024</a></div>Mastercard said the Philippines is the first country in the Asia-Pacific to have TRACE, in collaboration with local interbank network BancNet--the switch operator of local real-time payment service InstaPay.Some 36 banks have been onboarded, Mastercard said.Aside from the Philippines, the only other country in the world to have implemented TRACE is the United Kingdom.

TRACE uses artificial intelligence to identify and prevent money laundering and financial crime across a payments network.

TRACE uses artificial intelligence to identify and prevent money laundering and financial crime across a payments network.

Mastercard launches AI-powered Anti-money laundering service TRACE in PH

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Mastercard launches AI-powered Anti-money laundering service TRACE in PH

Benise Balaoing,

ABS-CBN News

Published Feb 13, 2025 04:20 PM PHT

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Updated Feb 13, 2025 04:31 PM PHT

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