TELCOs, UnionBank join efforts to combat financial cybercrimes

MINERVA BC NEWMAN

CEBU CITY –The telecommunication players (TELCOs) in the country namely, the Globe Group, Smart Communications and Converge ICT Solutions inked a memorandum of understanding (MOU) with UnionBank on September 9 to strengthen cybersecurity and combat financial crimes through Fraud Prevention and Data Sharing Measures.

The MOU signing was done during the 2022 UnionBank Innovation Festival held at the newly opened UnionBank Innovation Campus in San Pedro, Laguna. It marked the first course of action of the Private Sector Advisory Council (PSAC) Digital Infrastructure sector, headed by UnionBank Chief Technology and Operations Officer and Chief Transformation Officer Henry Aguda, shortly after PSAC was formed last month.

The MOU binds all TELCOs to share relevant data to profile fraudsters abusing technology and victimizing Filipinos without requiring a very lengthy court order to extract information about fraudsters.

The MOU can strengthen the private sector’s anti-fraud initiative by providing for the taking down of malicious sites and phishing links.  The TELCOs also agreed to create and convene their respective Quick Response Teams (QRT) composed of their own cybersecurity specialists to prevent, monitor, report, and resolve cybersecurity incidents.

Globe Group President and CEO Ernest Cu, Smart and PLDT President and CEO Alfredo Panlilio, and Converge CEO and Co-Founder Dennis Anthony Uy are members of the PSAC Digital Infrastructure group.

PSAC Digital Infrastructure sector headed by UnionBank Chief Technology and Operations Officer and Chief Transformation Officer Henry Aguda said, digital banking has brought significant growth for UnionBank and even better user experience for its customers during the pandemic.

“Through this growth, we have seen opportunistic cyber criminals take advantage of citizens who are still in the midst of transitioning from branch banking to online banking, and yet already being taken advantage of scrupulous individuals.  We want Filipinos to trust the banking and their communications systems. We want the citizens to be 100% Digital. We want a secure Digital Filipino,” Aguda added.

Aguda bared that with the partner TELCOs Globe, Smart and Converge, PSAC wants the Digital Filipino to be protected from cybercrimes by ensuring that cyber criminals cannot hide behind the anonymity of prepaid numbers and the internet.

Globe Group president and CEO Ernest Cu supports this multi-sector industry initiative to fight online fraud and promote cybersecurity. He believes that a collective, sustained and vigorous effort is needed to ensure the safety of customers and maintain the integrity of the technology infrastructures.

Converge CEO and Co-Founder Dennis Anthony Uy on the other hand said, Converge is one with the community in preventing the proliferation of online fraud.   As a member of PSAC and as an internet service provider, Uy said it will fulfill its part in this data sharing agreement to curb the continuous rise in phishing and other cybercrimes. Collaboration efforts such as this will ensure its shared mission of wider access to digital connectivity is not taken advantage of by criminal elements.

Smart and PLDT President and CEO Alfredo Panlilio bared that Smart in particular, has been detecting and blocking malicious messages, including SIMs and websites tied to fraudulent activities.  “These efforts are all part of a much broader program to elevate the quality of our customers’ experience by protecting them from threats and attacks,” he added.

Panlilio said that PLDT and Smart have significantly invested to fortify their own cybersecurity infrastructure, safeguarding the customers against emerging cyber threats and vulnerabilities, including online fraud and other criminal activities.

The Digital Infrastructure group of PSAC was formed to provide President Marcos with practical recommendations to promote wider spread internet access and to advance digitization initiatives.