The influential Bankers Association of the Philippines has enlisted Ayala-led Globe Telecom Inc. to intensify efforts to combat cybercriminals in this era of rapid digitalization.
Under their memorandum of understanding (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.
“We are pleased to enter into this partnership with Globe — one that would enhance the banking industry’s collective efforts in preventing cybercrime,” BAP president Antonio Moncupa said in a statement on Friday. “This MOU will add to the measures we have in taking down cybercriminals and holding 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 added.
Meanwhile, 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.
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 make banking experience safer.
Individually, BAP member-banks, a total of 44, implement their own unique cybersecurity information campaigns.
“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.
“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,” he added.