The Bankers Association of the Philippines (“BAP”) has signed a Memorandum of Understanding (“MOU”) with Globe Telecom Inc. (“Globe”), one of the biggest providers of telecommunications services in the Philippines, to form a partnership that will enhance the organization’s efforts in tackling cybercrime.
Under the 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,” Antonio C. Moncupa, President of BAP, said. “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 will 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 have a safe banking experience. Under this campaign, the organization formed cybersecurity-related MOUs with the Kapisanan ng mga Brodkaster ng Pilipinas (“KBP”) and the Department of Justice (“DOJ”) to successfully carry out its campaign.
The MOU with the KBP allowed the BAP to raise awareness to the Filipino public about cybersecurity through broadcast media, while the MOU with the DOJ will allow BAP member-banks to train DOJ prosecutors so that they will have the tools and skills to take down cybercriminals.
On an individual level, BAP member-banks implement their own unique cybersecurity information campaigns designed to help their clients be safe online at all times.
“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.”