RIZAL Commercial Banking Corporation's (RCBC) executive vice president and chief innovation and inclusion officer, Lito Villanueva, emphasized the critical role of artificial intelligence (AI) in combating fraud and expanding loan access during an event hosted by the European Chamber of Commerce of the Philippines (ECCP) on Dec. 10, 2024. Bangko Sentral ng Pilipinas (BSP) Deputy Governor Chuchi Fonacier also participated.
Villanueva highlighted the rise of fraud and cybercrime and called for global cooperation to address cross-border threats. "As the digital economy grows, so do cybercrime and fraud. AI is essential to detect suspicious patterns early, safeguarding banks. Threats are global, requiring collaboration across borders," Villanueva stated.
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