Oliver Bugarin 2 0 0 3 min to read

The private sector agrees to exchange information to combat financial crimes and fraud.

A memorandum was signed by several private organizations in the telecommunications and digital sectors in order to improve cybersecurity and fight financial crimes by implementing fraud prevention and data sharing mechanisms.

The Memorandum of Understanding (MOU), according to the Private Sector Advisory Council, is a response to the National Privacy Commission’s (NPC) Advisory Opinion 2021-06, which permits the sharing of pertinent data for fraud investigations due to the rise in phishing and cybercrime incidents.

According to a statement released on Monday, “Under the recently signed MOU, all telcos (telecommunications companies) have committed to developing a framework to share relevant data in order to profile fraudsters who abuse technology and prey on Filipinos without necessitating a very drawn-out court order,”

The MOU will aid in the removal of malicious websites and phishing links in addition to allowing these businesses to share expertise. It will also kick off the formation of quick response teams made up of their own cybersecurity experts to prevent, monitor, report, and resolve cybersecurity incidents.

Executives from UnionBank, Globe, Smart, and Converge signed the MOU at the San Pedro, Laguna, 2022 UnionBank Innovation Festival.

Joey Rufo, the chief information security officer at UnionBank, invited the chief information security officers of Converge, Smart, and Globe Group to sign the MOU.

Ernesto Herrera III, chief of UnionBank’s anti-financial crimes governance, Smart CISO Angel Redoble, Converge CTO Paulo Martin Santos, and each company’s respective data protection officers — Leah Jimenez from Smart and Laurice Tuason from Converge — are also signatories.

To give President Ferdinand “Bongbong” Marcos Jr. “practical proposals” from the corporate sector to expand internet access and accelerate digitalization projects, the PSAC’s digital infrastructure group was established in August.

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