Bankers strengthen tie-ups with law enforcers, judiciary

MANILA, Philippines — Philippine banks continue to strengthen their partnership with law enforcement agencies and the Department of Justice (DOJ) as financial losses from complaints filed with the Bangko Sentral ng Pilipinas (BSP) continue to escalate,  reaching P2 billion  in the past three years alone.

Jose Arnulfo Veloso, president of the Bankers Association of the Philippines (BAP), said the National Bureau of Investigation (NBI) and the Department of Justice (DOJ) have been successful in holding cybercriminals accountable for their illegal activities.

Veloso, who is also president and CEO of  Philippine National Bank (PNB), said that BAP member banks are fully confident in the capabilities of the country’s law enforcement and judicial system.

“We trust that the perpetrators of the scam and their victims will be afforded a just and speedy resolution,” Veloso said.

The group commended the swift arrest of five suspects behind the hacking incident that victimized about 700 depositors of BDO Unibank involving unauthorized electronic fund transfers to a fictitious Mark Nagoyo accounts in Union Bank of the Philippines.

The DOJ  found probable reason to charge the perpetuators of the massive online banking fraud.

“Their actions demonstrate that cybercriminals will never go unpunished for victimizing the Filipino banking public and stealing their hard-earned savings,” Veloso said.

BDO president and CEO Nestor Tan said the country’s largest lender has assured its clients that all of their cybercrime-related concerns will be immediately addressed.

“We continue to make investments and enhancements in our security systems to assure our banking clients will have a safe and secure banking experience,” Tan said.

BAP second vice president and ING Bank country manager Hans Sicat said authorities continue to work hard work in stopping cybercriminals from their malicious schemes.

“A central pillar to a strong banking system is the capabilities of government agencies who enforce the law. As we move toward the digitalization of our banking system, a key role in ensuring the safety of Filipinos in cyberspace is the swift and resolute enforcement of rule of law,” Sicat said.

BPI president and CEO Jose Teodoro Limcaoco said that major stakeholders of the country’s banking sector would always be a partner of the national government to ensure Filipinos are safe from cybercriminals.

“Aside from investments in our cybersecurity systems, we closely coordinate with government authorities such as the NBI and share information that may led to the apprehension of cybercriminals,” Limcaoco said.

Cecilia Borromeo, president of Land Bank of the Philippines and first vice president of BAP, said the industry would continue to do its part in promoting cybersecurity.

“Your bank will always be with you every step of the way. This is why we encourage the public to continuously be vigilant in conducting their online transactions. Suspicious messages should be immediately reported to the authorities.  The banks have dedicated personnel to handle these incidents to ensure protection of our clients,” Borromeo said.

The state-run Landbank is currently subject to complaints from teachers whose accounts were allegedly  hacked.

The BAP is set to sign a memorandum of understanding (MOU) with the DOJ on Feb. 4 to facilitate the creation of a collective, coordinated and strategic cyber response that is crucial in this period of heightened cyber criminality.