Banks, Globe partner to fight cybercrime

MANILA, Philippines — Philippine banks have partnered with Ayala-led Globe Telecom Inc. to further enhance the banking industry’s collective efforts in tackling cybercrime.

Bankers Association of the Philippines president Antonio Moncupa Jr. said the memorandum of understanding (MOU) with Globe would add to the measures being undertaken by the organization to take down cybercriminals and hold them accountable for their actions.

“This partnership will allow the sharing of information between Globe and the banks on the latest cybersecurity threats, which will allow banks to aptly develop the necessary solutions to counter them,” Moncupa said.

Globe president and CEO Ernest Cu said the partnership would boost efforts to detect and prevent fraud.

“The MOU with BAP will pave the way for Globe and the BAP member-banks to share data and intelligence for enhanced fraud detection and prevention. This will reduce limitations and streamline the collaborative process while ensuring compliance with the Data Privacy Act of the Philippines,” Cu said.

Under the MOU, there will be an intelligence-sharing network between BAP member-banks and Globe that will allow both sides to address the rising volume of financial crimes such as identity theft, phishing, and spam SMS.

The BAP recently conducted its Cybersafe campaign — a wide-ranging initiative together with allies such as media, social media influencers, and the government that aims to inform the Filipino public how to have a safe banking experience.

Under this campaign, the organization formed cybersecurity-related MOUs with the Kapisanan ng mga Brodkaster ng Pilipinas (KBP) and the Department of Justice (DOJ) to successfully carry out its campaign.

The MOU with the KBP allowed the BAP to raise awareness to the Filipino public about cybersecurity through broadcast media, while the MOU with the DOJ will allow BAP member-banks to train DOJ prosecutors so that they will have the tools and skills to take down cybercriminals.

On an individual level, BAP member-banks implement their own unique cybersecurity information campaigns designed to help their clients be safe online at all times.

“We continue to invest our efforts in ensuring every single Filipino will not be harmed by cybercriminals, and our MOU with Globe proves our dedication to this goal,” Moncupa said.

Online banking has become very popular today given how convenient it is to settle   bills and send money to other people.

“While there are so many benefits to this, there are other things we need to consider if we want to have a safe banking experience,” he said.

Cybercriminals are getting more aggressive as more people are conducting financial transactions through their mobile devices.

“Having a banking system free from cybercriminals is a goal that must be shared by all stakeholders, and we in the banking industry are committed to doing our part by continually improving our systems to stop bad actors,” Moncupa said.