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Manila Bulletin devider Business devider Banking & Finance devider Globe, Security Bank team up to strengthen cybersecurity

Globe, Security Bank team up to strengthen cybersecurity

Published Nov 8, 2023 07:09 am

Globe Telecom and Security Bank Corp. agreed to work together for two years by sharing data to boost cybersecurity, prevent fraud and to improve the investigation of cyber-related crimes.

Globe and Security bank recently signed a memorandum of understanding to “address the rising volume and complexity of financial crimes in the country” such as financial crime and identity theft.

In a statement, Globe Chief Privacy Officer Irish Salandanan-Almeida said that in the first six months of 2023, they noted a 46 percent year-on-year decline in the volume of bank-related scam and spam messages which the telco blocked in its network.

“Partnering with banks and financial institutions has greatly enhanced our fraud prevention, detection, and investigation efforts, leading to better customer protection,” she said.

Security Bank is Globe’s latest partner against online fraud, she said. “As our network of partners grows bigger, we are able to stop more fraud attempts and expand our protection to more customers,” added Salandanan-Almeida.

Last March, Globe also signed separate agreements with the Rizal Commercial Banking Corp. and consumer finance firm Home Credit as part of efforts to fight spam and scams.

For his part, Security Bank Chief Information Security Officer Albert dela Cruz said its BetterBanking is the showcase of “the safety and security” of the bank clients’ “personal and financial information when transacting.”

“This holds especially true now given current fraud trends and increased adoption of digital payment channels,” said dela Cruz, adding that their “partnership with Globe will help us secure the data of our clients and ensure they enjoy seamless, safe, and smooth digital payment experiences.”

The disclosure of personal information for purposes of fraud investigation is allowed under Section 12 (f) of the Data Privacy Act, per NPC Advisory Opinion No. 2021-026.

Meanwhile, BSP Memorandum No. M-2021-059 advised BSP supervised financial institutions which are both banks and non-banks to cooperate and share relevant information.

Last year, Globe and the Bankers Association of the Philippines agreed to establish a framework of cooperation for the sharing of data and intelligence for fraud prevention and investigation. 

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