NextGen Day

Following the signing of a memorandum of understanding (MOU) between the Department of Justice (DOJ) and the Bankers Association of the Philippines (BAP) on Friday, measures against online fraud will be reinforced.

During the virtual signing with BAP president Jose Arnulfo Veloso, DOJ Secretary Menardo Guevarra stated that the MOU will help the private sector and the government achieve their “common goal of establishing a collective, coordinated, and strategic cyber response through information-sharing, learning, training, and fostering cybersecurity awareness.”

“Through an effective and efficient partnership meant to at least minimize, if not completely prevent, cybercrime and cyber-related offenses nationwide,” Guevara said, “the MOU between the Department and the BAP that we concluded today (Friday) will establish a solid framework and promote a genuine atmosphere of collaboration and alliance.”

As a result of the Covid-19 outbreak, Filipinos stayed largely at home for work, studies, and other transactions, which resulted in an increase in Internet usage.

Due to several pandemic-related constraints, such as limited face-to-face transactions, the DOJ chief warned that reporting and investigating cyberattacks has become more difficult.

“The most effective deterrent against cybercrime is a no-holds-barred enforcement and prosecution that would permanently imprison these hackers.” “The BAP and the Department of Justice are on the same page in this endeavor,” Veloso added.

Banking fraud losses during the epidemic, according to the BAP Cybersecurity Committee, reached PHP1 billion by 2021, in terms of unauthorized withdrawals and illicit transfers.

The BAP and the DOJ will be kept up to date on the latest developments in cybersecurity as part of the MOU, which will help to protect the banking industry and the general public from fraudulent operations.

“We will continue to engage with the DOJ to stay up to date on the latest cybersecurity news and developments and to take robust action against hackers.” The pressing necessity for effective enforcement and prosecution persuaded the BAP to collaborate with the DOJ. Similarly, we intend to increase our cybersecurity awareness campaign in order to educate and protect the public from frauds and online fraud,” Veloso stated.

Save/Share this story with QR CODE

---

Disclaimer

This article is for informational purposes only and does not constitute endorsement of any specific technologies or methodologies and financial advice or endorsement of any specific products or services.

📩 Need to get in touch?

Feel free to Email Us for comments, suggestions, reviews, or anything else.

---

We appreciate your reading. 😊Simple Ways To Say Thanks & Support Us:
1.) ❤️GIVE A TIP. Send a small donation thru Paypal😊❤️
Your DONATION will be used to fund and maintain NEXTGENDAY.com
Subscribers in the Philippines can make donations to mobile number 0917 906 3081, thru GCash.
3.) 🛒 BUY or SIGN UP to our AFFILIATE PARTNERS.
4.) 👍 Give this news article a THUMBS UP, and Leave a Comment (at Least Five Words).

---

AFFILIATE PARTNERS

World Class Nutritional Supplements - Buy Highest Quality Products, Purest Most Healthy Ingredients, Direct to your Door! Up to 90% OFF.
Join LiveGood Today - A company created to satisfy the world's most demanding leaders and entrepreneurs, with the best compensation plan today.

---