Globe reports 74% drop in bank-related fraud

MANILA, Philippines  -Globe Telecom Inc. saw a 73.7-percent decline in bank-related spam and scams in the past year as it ramped up its initiative to block fraudulent activities in partnership with financial institutions.

In a statement on Tuesday, the Ayala-led company said it had detected and foiled 21.9 million spam last year, a marked decline from 83.39 million in 2022.

“This milestone not only highlights our commitment to combating financial fraud but also encourages us to continuously enhance our security measures for the protection of our customers,” Globe chief information security officer Anton Bonifacio said.

Globe, BAP tie-up

Globe has teamed up with Bankers Association of the Philippines and other finance sector players for information-sharing and investigation.

READ: Banks, Globe Telecom team up to fight cybercriminals

In addition, the Globe Group also previously inked a memorandum of understanding with other private sector players, including the Union Bank of the Philippines, Smart Communications and Converge ICT Solutions, to fight financial crimes.

“Alongside utilizing cutting-edge technology, we are committed to strengthening our alliances with key stakeholders and escalating our efforts to combat these fraudulent activities,” Bonifacio said.

Cybersecurity

The telco giant has invested about $20 million to beef up cybersecurity measures and block spam and scams.

Apart from text scams, Globe earlier reported it had deactivated and blacklisted about 220,000 SIM (subscriber identity module) cards linked to fraud in the past year.

READ: Globe hires cybersecurity firm to detect threats to business

Globe and other telco players have been stepping up efforts to foil phishing attempts, which are fraudulent activities designed to trick users into providing personal information like bank account and contact details.

With hackers illegally obtaining sensitive data, they can take over one’s bank or e-wallet account and siphon money out.

A survey commissioned by Fortinet and conducted by International Data Corp. found that phishing is among the top cyberthreats in the country. INQ