Mega Prime Foods Celebrates 50 Years of Nourishing Filipino Families

Thursday, June 12, 2025


Staying true to its commitment to providing fresh offerings for generations to come

Mega Prime Foods, Inc. (MPFI) marked 50 years of nurturing purpose, uplifting lives and trusting God by honoring their employees, partners and friends at a grand gala night. The occasion underscored the journey of Mega Prime Foods, which began as a small fishing company in Bicol in 1975 to becoming the maker of the country’s #1 sardines brand Mega Sardines.

“What we had was a big dream, a vision: to provide quality food to Filipino homes. Eventually, we moved to Zamboanga, where we supplied fish to Manila canneries. Slowly but surely, with faith and hard work, we grew. Hindi naging madali—but with God’s grace and the dedication of many, we endured,” recounted William Tiu Lim, Mega Prime Foods Founder and Chairman. “Mega has come a long way, but our core remains the same. We are still rooted in the values that shaped us: being God-centered, showing malasakit, thinking innovatively, serving our customers well, and acting with integrity. And now, I feel proud seeing the next generation lead—bringing bold ideas while keeping our values alive.”


Speaking on "The Heart of the Catch: 50 Mega Lessons on Business, Life and Faith”, a memoir on the journey of Mega Prime Foods, Mr. Tiu Lim said that “this book captures the most meaningful lessons we've learned in the last 50 years, drawn from real experiences, real people, and real challenges. I hope this book becomes not just a record of where we've been, but an inspiration for where others can go—with faith, grit, and heart.”

From Challenger to Champion

When Mega Sardines first entered the market, it faced stiff competition from 26 established brands. Today, it’s hard to imagine a canned goods section in the Philippines without Mega Sardines. The brand captured a 26% market share in 2023, ahead of its closest competitors with 18% and 15% shares, respectively.

Michelle Tiu Lim-Chan

“I walked into this company 26 years ago, when our sardines line was still a bold idea. We were up against giants in a crowded, commoditized market. But we didn’t give up. We pushed forward — with conviction, with purpose, and with unshakable faith," stated Michelle Tiu Lim-Chan, MPFI President and CEO. “Fifteen years later, we became the number one sardines brand in the Philippines. Not because we had the biggest resources but because we had the biggest heart — the heart of our fishermen, our employees, our suppliers, our banking partners, our distributors and our retail network. That’s what built Mega.”

Over the years, MPFI has expanded its portfolio to include over 200 SKUs. This includes well-loved staples Mega Mackerel, Mega Tuna, Mama Tuna, Mega Squid, Mega Prime Quality fruits and vegetables, Primo Sparkling Juice, and Jimm’s Coffee Mix.

Marvin Tiu Lim

“This year, we’re setting our sights higher—with a bold yet attainable goal of capturing an additional five to ten percentage points in canned sardines market share, bringing us to at least 30% by the end of 2025,” said Marvin Tiu Lim, MPFI Chief Growth and Development Officer.

The company is eyeing international growth as well, noting that the Department of Trade and Industry has identified the Middle East and North Africa food market to nearly double from USD 92.48 billion in 2024 to USD 189.87 billion by 2032

Speaking at the gala celebration, Trade Secretary Ma. Cristina Roque underscored the critical role of the trade and manufacturing sectors—industries in which Mega Prime Foods Inc. plays a significant part. “[The Philippines] outdid [its foreign trade and international investment] the year before by 32%. [And] this one is really [very] important to President Ferdinand R. Marcos Jr. to help Filipinos stay here in the country and not be away from their families,” she noted, highlighting the broader national impact of continued industry growth. Expressing strong support for Mega Prime Foods Inc., she added, “On behalf of the Department of Trade and Industry, I send my warmest congratulations to Mega Prime Foods Inc. As Mega expands its reach to the Middle East, the United States, and Europe, we assure you that the government's continued support will always be there.”

People and Purpose

The celebration also honored the “Ka-Mega” community: from the fishermen who catch the freshest fish to the factory workers, office staff, and sales teams who bring products to life and reach every community. Mega Prime Foods currently employs over 5,000 individuals across its operations. 

Sonar Boat Captain Aladino Pandes reflects on his 27 years with Mega as a fulfilling journey: “Not just for me but for everyone—here, we’re more than co-workers, we’re family.”

Fellow Captain Edsel Baldomero shares the same sentiment. “I started as a crewman, what we used to call a Murami. Captain Pandes mentored me until I became a captain myself,” he said, adding that Mega provided him with a stable livelihood and the means to secure his family’s future. “With Mega’s support, I never felt alone. I was able to send my child to college, and our families know they can always count on the company.”

Roan Cardenas, now a Fish Preservation and Distribution Supervisor, takes pride in her growth at Mega. “I started 13 years ago as a factory filler. Today, I make sure the fish delivered to canning are of top quality—thanks to a company that believes in developing its people.”

More than just a food company, Mega Prime Foods has remained steadfast in its commitment to nation-building through impactful, sustained community programs.

“It was never just about effort. Everything we have—our business, our people, our progress—has always been by His grace. We have been blessed, and because of that, we are called to be a blessing. That’s the heart behind the Mega Tiu Lim Foundation: a belief that every Filipino deserves access to nutrition and livelihood, so they can build better lives," highlighted Mark Tiu Lim, MPFI Chief Spiritual and People Officer.

Since 2019, Mega Bigay Sustansya, in partnership with Reach Out Feed PH, DOST-FNRI, DSWD, and DepEd, has served nearly 500,000 nutritious meals to over 1,000 children, resulting in measurable improvements in child health and nutrition.

Through the Mega Malasakit Mission, Mega Prime Foods brings its advocacy to grassroots communities—visiting barangays across the country to deliver nutrition, education, and joy. These on-ground efforts showcase the versatility and nourishment of its products while building lasting connections with families.

“Our commitment to sustainability is embedded in our operations. From adopting renewable energy and reducing operational waste, to launching the Mega Ocean Cleanup, we continue to act as responsible stewards of the environment, honoring our role in protecting God’s creation,” added Malcolm Tiu Lim, MPFI Chief Technical and Innovations Officer.

In addition, art centerpieces showcased at the gala are available for purchase, with proceeds directly supporting the Mega Ocean Clean-Up, an initiative that involves sweeping the sea surface for garbage by attaching nets to the company’s fishing vessels and bringing the collected waste back to land.

Mega Milyonaryo Promo Launched

Mega Milyonaryo, a special anniversary promo from MPFI that gives back to loyal customers, was also launched at the event. With a total prize pool of ₱50 million, the company says it’s their way of thanking the millions of Filipinos who have supported their brands over the years.

Sharon Cuneta

Bringing more excitement to the Mega Milyonaryo promo was the Megastar herself, Sharon Cuneta. The well-loved icon is now the celebrity endorser of Mega Milyonaryo and Mega Sardines. She also lent her voice to “Pangako ng Mega,” the featured song in the company’s anniversary video, which was inspired by her iconic hit, Kahit Maputi na ang Buhok Ko. Coco Martin, star of Ang Probinsyano and Batang Quiapo, was also announced the face of Jimm’s Coffee Mix.

Together, Sharon and Coco form a powerhouse duo that brings heart, heritage, and star power to every Filipino table.

50 Mega Years is more than just a milestone. It’s a heartfelt celebration of Mega Prime Foods Inc.’s journey, built on the trust and loyalty of Filipino families and communities. This anniversary is not only a reflection of the company’s achievements over the past five decades, but also a way of giving back—sharing the success with those who made it possible. With deep gratitude, Mega renews its commitment to providing fresh, high-quality products to every table, staying true to its promise of service, care, and excellence for generations to come.
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IHG Hotels & Resorts Set New Standards with Growing Commitment to Plant-Based Menus in the Philippines

Wednesday, June 11, 2025


IHG Properties Across Manila, Makati, Cebu, and Batangas Establish Comprehensive Sustainable Dining Initiative

IHG Hotels & Resorts properties across the Philippines have won praise today from international NGO Lever Foundation for their commitment to making 30% of all menu offerings plant-based, with implementation timelines spanning 2025 to 2027. The policy pledge by IHG hotels across the country—Crowne Plaza Manila Galleria, Holiday Inn & Suites Manila Galleria, Holiday Inn Cebu City, Holiday Inn & Suites Batangas Lima Park, and Holiday Inn & Suites Makati—represents one of the most comprehensive plant-based dining initiative undertaken by a major international hotel group in the Philippines. The initiative spans multiple dining venues at the properties including restaurants, room service menus, and banquet offerings.

"Our commitment to increasing plant-based options to 30% across our menus at Crowne Plaza and Holiday Inn & Suites Manila Galleria by 2025 reflects our dedication to sustainable hospitality and responsible dining," said Patria Puyat, Cluster General Manager at Crowne Plaza Manila Galleria and Holiday Inn & Suites Manila Galleria. "This initiative aligns with our global 'Journey to Tomorrow' sustainability program and reflects our determination to reduce our environmental footprint while meeting the evolving preferences of today's conscious travelers."

"Holiday Inn Cebu City is fully committed to achieving the 30% plant-based menu target by 2025 as part of our accelerated sustainability roadmap," said Gibeth Gloria, General Manager of Holiday Inn Cebu City. "This measurable commitment allows us to reduce our ecological footprint while enhancing our culinary offerings significantly. By expanding plant-based options across our dining venues, we're addressing growing guest demand for sustainable choices while advancing IHG's environmental leadership in the Philippine hospitality sector."

"We've always believed that great hospitality is about making people feel cared for, not just through comfort, but through the choices we offer,” said Andy Belmonte, General Manager of Holiday Inn & Suites Makati. “Expanding our menus to include 30% plant-based dishes by the end of 2027 is one way to support our guests' well-being while caring for the planet. It's a meaningful step for us as part of the Makati community, where modern living and conscious choices go hand in hand."

“We have long advocated for plant-based food, led by our Executive Chef, Mike Santiago. This commitment reflects our ongoing efforts to promote healthier, more sustainable dining experiences, and our openness to expanding plant-based offerings in the years ahead,” said Mariesol Saballa, Hotel Manager of Holiday Inn & Suites Batangas Lima Park. “We believe in the power of conscious food choices, and formalizing this direction reinforces the values we are proud to uphold.”

"It's inspiring to see hospitality brands like IHG Philippines recognizing that offering more plant-based choices represents meaningful progress toward a more thoughtful and forward-looking guest experience," said Marielle Lagulay, Sustainability Program Manager at Lever Foundation. "This commitment demonstrates how the industry can evolve with purpose, integrating care for people and the planet with the quality and comfort guests expect. We hope IHG Philippines’ great initiative inspires other hospitality groups to pursue similar commitments, understanding that thoughtful changes in food service can generate substantial positive impact."

Research shows that plant-based proteins generate up to 90% lower greenhouse gas emissions and require up to 90% less land and water use than animal proteins. The United Nations Food and Agriculture Organization (FAO) found that plant-based foods also generate approximately 50% less food waste than meat and dairy products.
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Visa and Maya launch cross-border funding solution for foreign-issued Visa cards


Launch of Visa Cross-border Account Funding Transaction (AFT) in Maya to enable payments flexibility and convenience for tourists, expatriates, overseas Filipino workers, and freelancers

Visa, a world leader in digital payments, and Maya, the Philippines’ leading digital bank and fintech ecosystem, are collaborating to enable cross-border account funding transactions (AFT) in the Maya app. This innovative partnership allows Maya users to seamlessly pull funds from foreign-issued Visa cards and load them directly into their Maya accounts, expanding payments flexibility.

With this new feature, Maya users can easily access and transfer funds from Visa cards issued overseas, offering a streamlined solution for expatriates, overseas Filipino workers (OFWs), and global travelers who need to manage their finances across borders. Upon cashing in from their foreign-issued Visa cards, Maya users can now spend, save, and even invest their money in the Philippines through the Maya app.

“Our longstanding partnership with Maya continues to grow from strength to strength, and with this latest collaboration, we help make digital payments even more flexible. By enabling funding transactions from foreign-issued Visa cards, we provide Maya users with the power and convenience to manage their finances effortlessly, while ensuring seamless and secure transactions. This connects them to countless possibilities through their Maya accounts,” said Jeffrey Navarro, Visa Country Manager for the Philippines.

Maya, through its robust fintech ecosystem, continues to drive digital payments growth in the country. Visa has previously recognized Maya for processing the highest e-commerce and contactless payments volumes in the Philippines from 2021 to 2024, as well as for being the top acquirer for merchant transaction volume. This collaboration further underscores their commitment to advance payments innovation while improving user experience.

“With this new feature, we’re making it easier for Filipinos and OFWs to move money from their Visa cards abroad straight into their Maya wallets. Maya has redefined how we spend, save, and invest—and we’re pleased to bring the same ease and flexibility to cross-border payments,” said Khurram Malik, Group Chief Commercial Officer of Maya.

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A Slice of Success: Cake2Go Kicks Off Season 2 of PLDT Enterprise’s “ROI’d to Success” on Hustleshare Podcast

Tuesday, June 10, 2025


How a family-run cake brand baked innovation into its business with help from PLDT Enterprise

ROI’d to Success is back for a second season—and it’s coming in hot with a fresh batch of entrepreneurial inspiration. Now produced in collaboration with the Hustleshare podcast, the new season kicks off with Cake2Go, a family-run cake business that has become one of the country’s pioneers in hotline-based, delivery-first cake services.

This new episode sets the tone for Season 2 of ROI’d to Success, a series created by PLDT Enterprise to shine a spotlight on executives and entrepreneurs who have harnessed digital tools to fuel their business’ growth, scale up operations, and turn resilience into return on investment.

“With ROI’d to Success, we want to empower enterprises of all sizes by showing how the right digital solutions can create real, measurable impact,” said the Chet Alviz, Vice President and Head of Marketing, PLDT Enterprise. “Season 1 showed us that these transformations are not only possible—they're happening. And Season 2 continues that momentum with even more inspiring stories.”

From Humble Kitchen to Digital Breakthrough

Founded in 2005 by Biskwit Co., Cake2Go started as a modest kitchen venture focused on quick, reliable cake delivery—a niche that was still emerging in the early 2000s. With a hotline-based model and an emphasis on convenience, the brand carved out a sweet spot in the market long before food delivery apps became the norm.

“As early as 2005, we saw a gap in the market for a takeout and delivery cake shop that made it easy for people to just stop by or call in for something sweet,” said Marilen Yap, Cake2Go Co-Founder and Part-Owner. “We aren’t your typical bakeshop; we are actually the pioneers in this kind of setup. We handled everything ourselves at the start, and by December of that first year, the demand had grown so fast that Luis was already stuck in the kitchen full-time. It’s been quite a ride.”

Today, Cake2Go operates over a dozen branches across Metro Manila and is known for bestsellers like the T-Overload, Dulce De Leche Cheesecake, and Mango Peach Tiramisu. But behind every slice of success is a story of hustle, adaptation, and digital evolution.

In the ROI’d to Success episode, Cake2Go Co-Founder and Part-Owner Luis Mesina shares how the business turned to PLDT Enterprise to modernize its backend, optimize operations, and ensure its hotline systems could scale with demand—especially during the pandemic, when digital reliability became a lifeline for many businesses.

“We’ve always been a delivery-based business. PLDT Enterprise gave us the infrastructure to grow, to serve more customers, and to remain reliable when our customers needed us the most,” said Mesina.

“PLDT Enterprise’s digital solutions provide easier opportunities. They help businesses hit their desired market faster, and you get your ROI 20–30% faster,” he added.

Thanks to connectivity solutions like broadband and business-grade hotline support, Cake2Go was able to sustain high volumes of orders, improve customer experience, and continue delivering joy to homes across the metro.

Committed to Empowering and Elevating Entrepreneurs, One Story at a Time

ROI’d to Success Season 2 builds on the success of the first season and will continue to be told in real voices through the Hustleshare platform, highlighting the tangible ways PLDT Enterprise supports businesses in navigating an increasingly digital world.

“It’s more than just technology—it’s about creating a meaningful connection between innovation and impact,” Alviz added. “We’re proud to help businesses like Cake2Go scale with confidence and share these stories to inspire others on similar journeys.”

New episodes of ROI’d to Success Season 2 will roll out soon, featuring more executives and entrepreneurs who have transformed their businesses with the help of PLDT Enterprise’s suite of digital solutions.

Catch the Cake2Go episode now on Hustleshare’s Spotify and follow PLDT Enterprise on social media for more stories of digital breakthroughs from businesses across the country.

To discover the digital solutions that can drive your business growth like Cake2Go, visit https://bit.ly/pldtenterprise_ROId_cake2go_pr
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FWD Life Insurance tops PH Insurance Industry in Q1 2025


FWD Philippines jumps to #1 from a back-to-back Top 3 ranking from 2023 and 2024

FWD Life Insurance (FWD Philippines) secures the number one life insurer in the Philippines in terms of new business annual premium equivalent (NBAPE) on a singleton basis, according to the Insurance Commission’s (IC) 2025 Q1 Report.

FWD Philippines records a total NBAPE of Php 2.5 billion in the first quarter of 2025, a 57% increase versus the same period the previous year, and the highest percentage growth among the country’s top 10 insurance companies. In addition to securing the number one ranking among life insurers in the Philippines, FWD Philippines also captures the Top 2 spot on a combined basis.

“This achievement is more than just a number – it is a powerful reflection of our collective commitment to changing the way people feel about insurance. As the insurer of the next generation, we put our customers at the heart of everything we do and commit to support nation-building by offering innovative and accessible insurance products, promoting financial inclusion, and enabling every Filipino to build their best future and truly celebrate living.” said FWD Philippines President and Chief Executive Officer, Manuel Antonio “Jumbing” De Rosas.

After ranking among the Top 6 in 2022, FWD Philippines achieved and maintained a Top three ranking from 2023 to 2024, establishing itself as one of the fastest-growing insurers in the Philippines.

Learn more about FWD’s innovative products, services, and programs by visiting www.fwd.com.ph.
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AIA Philippines and BPI AIA Introduce Affordable, Flexible Plans to Help Filipinos Achieve Their Life Goals

Financial security often feels out of reach for many Filipinos, especially when day-to-day needs take priority over long-term plans. To help address this concern, AIA Philippines Life and General Insurance Company, Inc. (AIA Philippines), formerly Philam Life and now the domestic arm of Hong Kong-based insurer AIA, has launched a flexible and affordable variable universal life (VUL) insurance plan, AIA Goals Protect. Its bancassurance arm BPI AIA Life Assurance Corporation (BPI AIA), a strategic alliance between Bank of the Philippine Islands (BPI) and AIA Philippines, has also launched BPI AIA Prosper. These plans are both designed to put Filipinos in the driver's seat of their financial well-being—helping protect what matters now while confidently pursuing their life goals.

“Our ‘Rethink Healthy’ study revealed that 41% of Filipinos feel overwhelmed by the challenge of juggling financial security with the demands of daily life,” explains Melita Teo, President and Chief Executive Officer, AIA Philippines. “AIA Goals Protect provides an easier way for them to invest in their future while adapting to their changing needs, offering the best of both worlds: enjoying life now while building a secure future.”

“Similarly, BPI AIA Prosper empowers individuals to tailor their financial well-being, from boosting health coverage to securing their family's future,” Teo added.

Protection and Growth Tailored to Your Aspirations

Even with savings and insurance, many Filipinos continue to worry about what lies ahead, according to the AIA study. Both AIA Goals Protect and BPI AIA Prosper respond to this challenge by combining life insurance with financial solutions tailored to meet specific needs. These plans enable policyholders to create a financial safety net while actively working toward key life goals, whether it is buying a home, funding education, or preparing for a secure retirement.


Starting at Php2,085 per month, AIA Goals Protect offers flexible coverage through three distinct packages: Protection, Health and Medical, and Long-Term Savings Growth. AIA Goals Protect offers the market's highest loyalty bonus, adding up to 3.5%1 to the fund growth, and a no-lapse guarantee2 for added peace of mind. To help maximize investments and stay on track with life goals, AIA Goals Protect is also invested in the highest-performing3 local and global funds, managed by experienced professionals.

Another key advantage of AIA Goals Protect is its enhanced death benefit. In the event of an unexpected passing, beneficiaries receive a death benefit including fund growth. That is more than the policy is worth, and significantly higher than the standard death benefit offered by most other insurance plans.4

The plan can be customized with optional add-ons/riders that cover accidents, hospital stays, critical illnesses, and more. Manageable payment terms include a five-year option or pay-until-age-65. Furthermore, policyholders can choose coverage levels of up to 100 times the premium paid, allowing them to prioritize either protection or savings based on individual objectives.


Meanwhile, BPI AIA Prosper, available exclusively to BPI customers, offers two core packages—Protection and Health—making it a straightforward and robust option. Similar to Goals Protect, it allows policyholders to adjust coverage and investment allocations based on their life stage and priorities. BPI AIA Prosper also offers customizable additional benefits through riders, providing extra coverage for disabilities, medical emergencies, and critical illnesses.

BPI AIA Prosper adapts to changing needs, allowing for increased protection during key life events or allocation of more resources to growth. With expert fund management from BPI Wealth, policyholders can also benefit from potential growth. Plus, BPI AIA Prosper provides flexible coverage with death benefit multiples, which means the death benefit can be a multiple of the premium paid.

Making Financial Wellness Less Stressful

AIA Philippines research also revealed that 65% of Filipinos rely on personal savings for health emergencies, which can derail long-term financial goals. By blending protection with fund growth opportunities, both AIA Goals Protect and BPI AIA Prosper help alleviate this burden, offering peace of mind while keeping policyholders on track toward their aspirations.

Compared to many other VUL offerings, both plans are priced competitively, making them accessible to more Filipinos. "AIA is dedicated to empowering Filipinos to take control of their financial well-being without undue financial strain," shares Teo. "Our goal is to make it easier for them to live healthier, longer, and better lives, and we are committed to supporting them every step of the way."

As part of their commitment to empowering Filipinos, AIA Philippines and BPI AIA will host a series of webinars and community events focused on financial planning and well-being. These initiatives aim to educate Filipinos on how to effectively manage their finances while securing their future.

To know more about AIA Goals Protect and BPI AIA Prosper, visit www.aia.com.ph or www.bpi-aia.com.ph/

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iProov Threat Intelligence Uncovers "Grey Nickel" Threat Actor Targeting Banking, Crypto, and Payment Platforms

"Grey Nickel" Threat Actor

KYC Processes Exposed in Wave of Sophisticated Financial Sector Attacks

iProov, the world's leading provider of science-based biometric identity verification solutions, today revealed details of an active cybercriminal operation that has successfully infiltrated financial institutions worldwide by exploiting vulnerabilities in remote identity verification systems. iProov's Security Operations Center (iSOC) observed live operations of the threat actor, codenamed "Grey Nickel," targeting organizations globally with concentrated attacks against banking, crypto exchanges, e-wallets, and digital payment platforms in Asia-Pacific, EMEA, and North America. During its investigation of “Grey Nickel”, the iSOC team also documented an unprecedented escalation in attacks specifically designed to bypass Know Your Customer (KYC) processes across the financial services sector.

Financial Services: New Attacks, Same Battleground

Financial services organizations have long been prime targets for relentless fraud attacks, both by lone perpetrators and highly organized criminal networks. Unfortunately, many of the organizations targeted by “Grey Nickel” and the KYC attackers had employed liveness detection technologies that appear to be designed to prevent only presentation attacks as opposed to AI-fueled digitally injected attacks. The gap between the identity assurance that these technologies are able to provide and the identity assurance needed has become a profitable sweet spot for cybercriminals.

iProov advises organizations to use its spectrum of identity assurance methodology to determine the most suitable verification technologies, tailored to each use case, by evaluating the contextual knowledge of the individual and the risk of the activity with the organization’s risk appetite.

"These criminal groups understand that banking, crypto exchanges, e-wallets, and digital payment platforms represent some of the highest-value targets for identity fraud," said Dr. Andrew Newell, Chief Scientific Officer of iProov." It is important to understand that these aren't opportunistic attacks; they represent highly coordinated, specialized operations that pose an existential threat to the digital transformation of banking."

Multiple Threat Actors, Common Target

iProov's investigation has identified several distinct criminal operations:

Grey Nickel: Systematic Operations

A sophisticated threat actor group, codenamed "Grey Nickel," has been conducting systematic attacks against identity verification systems since July 2023, primarily targeting organizations in the Asia-Pacific region, with recent expansions into North America and EMEA. This group employs advanced face-swap technology, metadata manipulation, and injection techniques specifically designed to defeat single-frame liveness-based verification systems used by banks and payment platforms.

Advanced Virtual Camera Networks

Separate criminal groups have developed and distributed specialized mobile applications that enable KYC bypass on both Android and iOS devices. These applications inject pre-recorded or manipulated video feeds during identity verification, with some variants now incorporating lip-syncing capabilities to defeat voice-based challenges.

Deepfake-as-a-Service Operations

Independent criminal actors have established service-based models, offering custom deepfake creation and comprehensive KYC bypass packages specifically designed to target cryptocurrency exchanges and payment platforms. These operations combine stolen identity databases with AI-generated media to create “synthetic identities” and enable large-scale identity fraud.

AI-Powered Fraud Tools

Criminal forums now actively share techniques using commercially available AI platforms to generate convincing deepfake videos, specifically designed to bypass primitive liveness technologies employed by some financial institutions.

Financial Impact of AI-based Cybercrime

The financial consequences of these attacks are reaching unprecedented levels:
  • More than half of the organizations surveyed in a recent Biocatch Report admitted to losing between $5 and $25 million to AI-powered attacks in 2023.
  • A United Nations report noted a rise in AI-driven crimes involving deepfakes, demonstrated by more than a 600% increase in mentions of deepfake-related content targeting criminal groups in Southeast Asia across monitored online platforms in the first half of 2024.

Criminal Innovation Outpaces Regulatory Response

A critical global challenge in combating cybercrime against the financial services sector is the widespread lack of comprehensive data from these institutions. This absence of consistent, mandatory incident reporting across many jurisdictions prevents regulators from accurately assessing the scale of illicit activities, which hinders effective regulatory action. While regions like the European Union are advancing proactive measures, with bodies such as the European Banking Authority proposing the adoption of the high-assurance EU Digital Identity Wallet or an equivalent to comply with AML rules, many nations lag behind. This creates global disparities that cybercriminals can exploit and highlights an urgent need for greater international cooperation and data sharing to drive robust security enhancements and coordinated regulatory intervention.
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