Trusting Social Philippines has partnered with fintech lender Ecofinance to strengthen digital security for its lending operations.

Ecofinance, which operates the Honey Loan brand, will integrate Trusting Social’s AI technology to enhance identity verification.

The collaboration involves the deployment of a full Know Your Customer (KYC) and fraud prevention stack. This includes AI-driven facial recognition, cross-ID verification, and real-time fraud detection.

The companies aim to secure the platform against increasingly sophisticated digital threats, such as phishing, SIM-swapping, and deepfakes.

The partnership addresses a critical need in the Philippine market, where digital fraud rates are reportedly nearly 150% higher than the global average. The companies noted that identity fraud surged by 121% in 2024.

Kirill Kalashnikov, General Manager of Ecofinance Philippines, stated that security is essential for financial inclusion.

“For us, inclusive lending needs to go hand in hand with secure lending. We view our partnership with Trusting Social not as compliance, but as a critical investment in protecting our customers,” Kalashnikov said.

The initiative aligns with regulatory mandates from the Bangko Sentral ng Pilipinas (BSP) and the Anti-Financial Account Scamming Act (AFASA), which call for stricter fraud management and real-time detection.

Johnny Escaler, CEO of Trusting Social Philippines, highlighted the importance of maintaining consumer confidence.

“In a market where digital trust is under attack, Trusting Social strongly echoes Ecofinance’s priority of security—it’s the only way to build sustainable inclusion,” Escaler said.

Ecofinance is part of the Dyninno Group and has issued over EUR 200 million in loans globally.

Trusting Social provides credit risk and identity solutions to financial institutions across Asia.

Featured image by photoplotnikov via Freepik.