Arthur Fuentes

Article (news)

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

News

Entertainment

Lifestyle

Sports

Metro.Style

More

BINI

Sudoku

Word of the Day

Lotto

Horoscope

Technology

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

Benise Balaoing,

ABS-CBN News

Published February 13, 2025 04:20 PM PHT

|

Updated February 13, 2025 04:31 PM PHT

Read More:

ABSNews

ANC promo

TRACE

Mastercard

artificial intelligence

AI

money laundering

ABS-CBN Newsletter

Your go-to source for the latest news, entertainment highlights, exclusive interviews, and updates on your favorite Kapamilya stars.

ABS-CBN Newsletter

Your go-to source for the latest news, entertainment highlights, exclusive interviews, and updates on your favorite Kapamilya stars.

Sign Up

I have read and agree to the Terms and Privacy Policy.

ABS-CBN is the leading media and entertainment company in the Philippines, offering quality content across TV, radio, digital, and film. Committed to public service and promoting Filipino values, ABS-CBN continues to inspire and connect audiences worldwide.

Corporate

Investors

Governance

International Distribution

Corporate

Governance

Investors

International Distribution

NPC Seal of Registration

Privacy Policy

AI Policy

Terms of Service

Advertise with Us

© 2026 ABS-CBN Corporation. All Rights Reserved.

NPC Seal of Registration

Privacy Policy

Terms of Service

AI Policy

Advertise with Us

© 2026 ABS-CBN Corporation. All Rights Reserved.

NPC Seal of Registration

Privacy Policy

Terms of Service

AI Policy

Advertise with Us

© 2026 ABS-CBN Corporation. All Rights Reserved.