NextGen Day

MANILA, Philippines — The sustained public-private partnership is likely to strengthen anti-fraud measures, especially as more financial transactions are conducted electronically.

Continued coordination, exchange of information, and “perhaps even joint investigation teams or task forces, especially in connection with current scams and other fraudulent operations,” according to Globe Telecom’s chief privacy officer, Irish Almeida.

“The NPC (National Privacy Commission) sends us scams/spam messages for investigation, which we are able to block/deactivate properly,” she said in an e-mailed response to PNA questioning on Wednesday.

Apart from public-private sector partnerships, private companies are tightening their relationships to combat escalating cybercrime.

Globe and Union Banking Corporation (Unionbank) inked a memorandum of agreement (MOA) last week for data sharing in the investigation of online banking fraud.

The MOA is “a major milestone in our united battle against online financial fraud,” according to Almeida.

“We expect that by improving the bank’s ability to examine these cases, criminals will be prosecuted.” “As a result, our clients will be better protected,” she said.

Despite the amount of news about internet fraud and warnings from authorities, banks, and telecommunications companies on how the public may protect themselves from becoming victims of these crimes, many individuals continue to be victims.

“Ideally, it should be a combination of both,” Almeida said when asked which sectors the public-private collaboration should focus on more — whether it be education or regulatory changes.

“The NPC Advisory and BSP (Bangko Sentral ng Pilipinas) Circular are good examples of policy and regulatory reforms to boost information sharing between financial institutions and telcos for more successful fraud investigations,” she said.

“What we did look into is whether there was a pattern in the spam mails delivered (to the victims),” she said, adding that while the telcos have no information about the whereabouts of the scam victims.

“And our security team discovered none,” she continued.

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