Bankers, DOJ ink MOU to help curb cyberattacks

CEBU, Philippines —  The Bankers Association of the Philippines (BAP) and the Department of Justice (DOJ) are set to sign a Memorandum of Understanding (MOU) in a bid to curb cyberattacks to the banking sector.

The MOU signing, which will be held on February 4, 2022, aims to cement the strong partnership between the banking industry and the National Government in the fight against cybercrime, said Jose Arnulfo A. Veloso, President of BAP.

This MOU will facilitate the creation of a collective, coordinated and strategic cyber response that is crucial in this period of heightened cyber criminality.

BAP believes that all stakeholders — such as the government, the banking industry, and the Filipino public — must work together to keep Filipinos safe and make cybercriminals pay for the crimes they have committed. Promoting cybersecurity in the banking system is a joint effort in as much as it is a core aspect of the nation’s security and the economy’s stability.

Meanwhile, BAP lauds the successful efforts of the National Bureau of Investigation in catching the perpetrators of the “Nagoyo” scam.

“We thank the National Bureau of Investigation and the Department of Justice, for their successful collaboration in holding cybercriminals accountable for what they have done. Their actions demonstrate that cybercriminals will never go unpunished for victimizing the Filipino banking public and stealing their hard-earned savings,” said Veloso.

“The BAP and its member banks are fully confident in the capabilities of our 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 added.

“A central pillar to a strong banking system is the capabilities of government agencies who enforce the law. As we move towards 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,” Hans B. Sicat, Second Vice President of BAP, said.

“We thank the authorities for their hard work in stopping cybercriminals from their malicious schemes,” Sicat added.

Nestor V. Tan, President & CEO of BDO assures 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 noted.

“The banking industry will always be a partner of the National Government to ensure every Filipino will be safe against cybercriminals,” Jose Teodoro K. Limcaoco, President of the Bank of the Philippine Islands said. “Aside from investments in our cybersecurity systems, we closely coordinate with government authorities such as the National Bureau of Investigation and share information that has led to the apprehension of cybercriminals.”

Cecilia C. Borromeo, First Vice President of BAP, assured stakeholders that the banking industry will continue to do its part in promoting cybersecurity of the Philippine banking system.

“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.