Globe and Home Credit tie up to combat f inancial scams

GLOBE TELECOM, INC. and consumer finance firm Home Credit Philippines have agreed to partner in fighting financial scams and spam messages by sharing data and jointly probing malicious activities.

“As a leading digital solutions platform, Globe is fully aware of the detrimental effects of spam and scam texts and other forms of fraud on our customers and stakeholders,” Globe Chief Privacy Officer Irish Salandanan-Almeida said in a statement.

“Our partnership with Home Credit is a clear demonstration of our unwavering commitment to combating these malicious activities. By working together and taking proactive measures, we aim to prevent such incidents to safeguard our customers’ interests,” she added.

Under the partnership, the telecommunications company and Home Credit will enhance their capacity to respond to financial fraud and scams and will develop measures to prevent future occurrences.

The agreement covers sharing of relevant information and a collaborative approach to investigating fraud cases.

“With the rising incidence of text and other mobile-related scams, Home Credit leads the charge in fighting security and data breaches to help protect Filipino users falling victim to scams,” Home Credit Chief Compliance Officer Rejyl Siang said.

“Our partnership with Globe further strengthens our commitment to helping the government with their goal of adding an extra layer of security and protection that benefits all Filipinos,” he added.

Before the partnership with Home Credit, Globe said it had established partnerships with major commercial banks and online retailers in the Philippines.

“The partners are equipped with a direct and 24/7 communication channel to report incidents of fraud, which are then promptly investigated and prevented by Globe,” it added.

From January 2022 to January 2023, Globe blocked 85 million bank-related spam messages. In the first quarter, it blocked 4.07 million spam, 2.7% higher than the 3.97 million blocked messages last year.

“As the digital marketplace grows, it exposes non-suspecting digital users to a wider range of attacks by fraudsters. This prompted Globe to intensify its efforts to safeguard its customers from such threats,” the company said.

“The company has spent approximately $20 million to enhance its SMS (short message service) detection and blocking system, which operates round-the-clock via its Security Operations Center,” Globe added. —