BIG BANKS, GLOBE TO SHARE INFORMATION VS CYBERCRIME

As cybercriminals become bolder and more sophisticated in this era of rapid digitalization, the banking community has teamed up with Ayala-led Globe Telecom to combat rising incidence of identity theft, phishing, text spam and other forms of cyberfraud.

The influential Bankers Association of the Philippines (BAP) has signed a memorandum of understanding (MOU) with Globe Telecom to facilitate an intelligence-sharing network between its member-banks and the telecom provider. This is seen to allow both sides to tackle the rising volume of financial crimes in the country.

“We are pleased to enter into this partnership with Globe—one that would enhance the banking industry’s collective efforts in preventing cybercrime,” Antonio Moncupa, president of BAP, said in a press 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.

Moncupa said a similar partnership would soon be signed with PLDT and its mobile arm Smart Communication.