Today’s digital trust is eroding under the weight of AI-powered scams and Web3 vulnerabilities. At the fifth edition of Philippine Blockchain Week, the spotlight turned to one of the most pressing issues of our digital era: trust. In a panel titled “Trust Under Attack: Cybersecurity in the Age of AI and Web3,” industry leaders dissected how artificial intelligence and decentralised technologies are reshaping both the opportunities and vulnerabilities of the online world.
Afia Sengupta, CEO of CAT Investigators, began by untangling the often-confused vocabulary of cyber threats. “Cybercrime is attacking technology. Cybersecurity is disciplined technology. Fraud is deceiving an individual or entity for gain. And a scam combines all of these,” she explained.
Her warning was obvious: scams today are no longer producing sloppy emails filled with typos. They have gotten smarter, as they continue to create scalable operations powered by AI. Moreover, they can clone identities, generate convincing video calls, and syphon billions across borders. In one incident, Sengupta recalled a case in Hong Kong where deepfake video calls deceived a seasoned investor into transferring large sums. This illustrates how even professionals can fall prey to scams when trust is manipulated.
For Neri Buco of ChainPatrol, the frontline battle is against impersonation and phishing campaigns that look indistinguishable from legitimate platforms. “Attackers use generative AI to replicate entire websites, the colour palette, the tone of voice, everything,” she said.
According to Buco, there are wallet drainer attacks. Victims unknowingly accept malicious transactions that eventually empty their crypto accounts. In response, ChainPatrol’s solution is to fight fire with fire. In other words, it uses AI-driven defences that block suspicious links and caution users before they sign away their assets. “To combat AI, you have to use AI,” she stressed.
Aside from stolen funds, breaches also expose companies to legal liability, according to Aaron Avila of Aon Insurance. This also includes regulatory fines and shareholder backlash. “From an enterprise perspective, you’re not just losing data, you’re picking up privacy violations and technological malpractice,” he noted.
To mitigate such risks, Avila described a system of safeguards, such as conducting risk assessments and deciding whether to accept, challenge, eliminate, or transfer risks while reinforcing supply chains. These layered insurance policies, from cyber liability to technology errors and omissions, become the safety net in case prevention falters.
According to the panelists, scalability is the defining feature of modern scams. Sengupta shed light on the romance scams coming out of Cambodia. Organised syndicates run billion-dollar operations. Meanwhile, Buco highlighted how social engineering is used by attackers to exploit emotions like fear of missing out to deceive users into clicking malicious links.
Avila further explained how these small-scale extortion cases amount to $50,000 in one case, and another $100,000 case rarely makes headlines but ruins small and medium enterprises instead.
Panelists returned to the theme of trust before the end of the session. Sengupta pointed out that technology itself is not the energy. Rather, it is complacency and weak compliance. I’m worried about people opening doors for criminals,” she said, calling for stronger Know Your Customer (KYC) policies and better-trained law enforcement.For Buco, community awareness and proactive defences should be established. Meanwhile, Avila revealed the importance of Philippine enterprises embracing risk maturity so they do not file for bankruptcy after a single cyber incident.
The panelists’ message was clear: trust is fragile yet not irretrievable in the age of AI and Web3. Individuals and organisations can protect themselves against the rising tide of digital deception if they remain vigilant, collaborative, and resilient.
