IDfy targets insurance, telecom expansion in the Philippines

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IDfy expands in Philippines

Highlights

IDfy aims to secure at least one major insurance and one telecom onboarding client in the Philippines by 2027 as part of its expansion strategy.
IDfy and CIBI Information estimate the Philippines could lose up to P603 billion annually to fraud involving money mule accounts, highlighting growing market demand for verification and risk management.
The Anti-Financial Account Scamming Act is expected to drive increased fraud prevention spending among Philippine financial institutions, supporting IDfy's long-term growth and 10-year market roadmap.

Expansion plan and sector targets

As reported by BusinessWorld Online, IDfy Philippines Country Head Raghuraman Chandrasekhar says the company is looking at insurance companies and telcos for customer onboarding as it expands its Philippine business next year. He says IDfy wants to win at least one major client in each of the two sectors in 2027.

IDfy currently works with more than 10 organizations in the Philippines, including some of the country’s largest banks. The company provides identity verification services used by financial institutions and other businesses to verify customers during onboarding.

Fraud risks support long-term growth case

Chandrasekhar says IDfy sees room to grow in the Philippines as concerns over financial scams increase, including cases involving accounts used to transfer proceeds from fraudulent activity. A study by IDfy with CIBI Information, Inc., using Bangko Sentral ng Pilipinas data, estimates the Philippines could lose as much as P603 billion a year to fraud involving money mule accounts, although the figure reflects potential rather than documented annual losses.

He says the number and variety of scams are increasing, with crime syndicates also using AI to create new forms of fraud. He adds that the Anti-Financial Account Scamming Act could push financial institutions to invest more in fraud prevention, while safeguards need continuous review rather than a one-time spending approach.

IDfy is also considering opportunities tied to financial services for micro, small, and medium enterprises, particularly in customer verification and access to financing. Chandrasekhar says the company is exploring ways to help MSMEs improve funding access and adds that IDfy is planning for a long-term presence in the Philippine market with a 10-year roadmap, although he does not specify an investment amount or expansion budget.

Our earlier article on SEON’s Philippines expansion outlined how the fraud prevention firm is widening its reach beyond fintech into traditional banks, remittance providers, and payments businesses as compliance needs intensify. It also highlighted SEON’s partnership with Exist Software Labs as a key route to local market data and customer relationships, positioning the company to address growing fraud-control demand tied to rules such as the Anti-Financial Account Scamming Act.

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