Grace Poe to banks, financial institutions: Fortify digital platforms vs cybercrimes

Published January 25, 2022, 1:27 PM

by Hannah Torregoza 

Senator Grace Poe on Tuesday called on banks and other financial institutions to toughen its stance against cybercrime especially at a time more people are turning to digital transactions.

Poe, who chairs the Senate Committee on Banks, Financial Institutions and Currencies, made the appeal following another reported incident of hacking, this time, involving the bank accounts of teachers who have payroll accounts with Landbank.

Their money were reportedly stolen via unauthorized electronic fund transfers to other banks or electronic wallets.

Landbank has refuted accusations of its systems being hacked and claimed that the gadgets used by the teachers were compromised by way of phishing.

“More people turning to online transactions amid the pandemic should not drive the uptick in hacking activities and other attempts at digital thievery,” Poe said in a statement.

“We expect banks and concerned financial institutions to fortify their systems to thwart emboldened threats and security breaches,” she stressed.

Poe stressed intensified collaboration is crucial between and among the government, banks and consumers in taking the necessary measures to protect financial consumers from becoming victims of these cybercrimes.

“Our people’s hard-earned money entrusted in banks must at all times be secure,” she said.

Poe said the Bangko Sentral ng Pilipinas (BSP) should provide the Senate documents pertaining to the result of its probe regarding the recent hacking incidents of online bank accounts.

“We ask the BSP to furnish the Senate committee on banks, financial institutions and currencies copies of the results of its investigations including on the recent BDO Unibank incident,” she said.