PH Banks Team Up With Globe Against Cybercrime

Banks in the Philippines are partnering with Globe Telecom to improve the banking industry’s efforts in combating cybercrime.

Antonio Moncupa Jr., Bankers Association of the Philippines President has mentioned that their memorandum of understanding (MOU) with Globe would add to steps currently being taken by the organization to bring down cybercriminals.

“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,”  says Moncupa.

Globe’s President and CEO,  Ernest Cu has stated that the partnership will improve attempts at preventing and identifying fraud.

Cu said that “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,”

In the MOU, the BAP member banks and Globe will have an intelligence-sharing network that will provide both to tackle the increasing rates of financial crimes that include spam SMS, phishing, and identity theft.

BAP had just conducted its Cybersafe campaign which included collaborations with social media influencers, government, and the media to inform the public how to have a secure banking experience.

With this campaign, the organization created cybersecurity-centered MOUs with the Department of Justice (DOJ) and the Kapisanan ng mga Brodkaster ng Pilipinas (KBP).

The KBP MOU was geared towards raising awareness via broadcast media, while the DOJ MOU is towards training DOJ prosecutors.

Source: Philstar