Globe, Security Bank join forces in fight against financial crimes

CEBU, Philippines —  Digital solutions platform Globe and Security Bank have joined forces to strengthen cybersecurity efforts in response to the increasing volume and sophistication of financial crimes in the Philippines.

The two institutions signed a Memorandum of Understanding (MOU), which aims to enhance the joint capabilities to fight financial crime and identify theft—working together in fraud investigations, in compliance with existing laws, rules, and regulations by both the National Privacy Commission (NPC) and the Bangko Sentral Ng Pilipinas (BSP).

The two-year agreement will enable Globe and Security Bank to share data for fraud prevention and investigation.

“Partnering with banks and financial institutions has greatly enhanced our fraud prevention, detection, and investigation efforts, leading to better customer protection. In the first half of the year, we have seen a dramatic 46% year-on-year decline in the volume of bank-related scam and spam messages blocked in our network, indicating that our efforts are making headway,” said Atty. Irish Salandanan-Almeida, Globe Chief Privacy Officer.

“We are proud and excited to have Security Bank as our latest partner in our continuing fight against online fraud. As our network of partners grows bigger, we are able to stop more fraud attempts and expand our protection to more customers,” she added.

According to Security Bank chief information security officer Albert Dela Cruz, an integral part of the Better Banking promise is “we make sure to our customers the safety and security of their personal and financial information when transacting. This holds especially true now given current fraud trends and increased adoption of digital payment channels.

“Our partnership with Globe will help us secure the data of our clients and ensure they enjoy seamless, safe, and smooth digital payment experiences. This is one of our main initiatives towards driving the bank to be the most customer-centric bank in the Philippines,” Dela Cruz added.

The disclosure of personal information for purposes of fraud investigation is allowed under Section 12 (f) of the Data Privacy Act, per NPC Advisory Opinion No. 2021-026. Further, BSP Memorandum No. M-2021-059 advised BSP Supervised Financial Institutions to cooperate and share relevant information.

Globe has been partnering with all major commercial banks and online retailers to provide a direct and round-the-clock communication channel to report any malicious or fraudulent activities for immediate investigation or blocking.

In August last year, Globe inked an agreement with the Bankers Association of the Philippines (BAP) to establish a framework of cooperation for the sharing of data and intelligence for fraud prevention and investigation. The agreement with the organization, which has 45 major banks as members, aims to address the rising volume and complexity of financial crimes, identity theft, phishing, spam messages and other forms of fraud severely affecting Filipino consumers.

Last March, Globe also signed separate agreements with the Rizal Commercial Banking Corp. (RCBC) and consumer finance firm Home Credit as part of its commitment to fight spam and scams.

In 2014, Globe embarked on a mission to enhance its cybersecurity, fortifying its defenses against potential threats to its infrastructure and ensuring the safety of its customers. The company has invested approximately $20 million in bolstering its SMS detection and blocking mechanisms against spam and scam SMS. This effort is supported by a dedicated 24/7 security operations center, ensuring swift detection and response to any breaches or attacks. It has also launched various initiatives to address growing threats brought about by spam and scam SMS, including the #StopSPAM portal, where customers may report these unwanted messages.

Since the heightened collaboration with banks and online retailers, the latest data showed the number of bank-related scams and spam messages in the first half of the year dropped by 46.5 percent to 4.85 million from 9.06 million in the same period last year.

In the second quarter alone, the figure went down to 779,254 from the 5.1 million reported in the same quarter last year.

Unscrupulous persons and organizations often utilize scam and spam messages to extract personal information from mobile users. Once in possession of this data, cybercriminals can hijack online accounts and drain funds from the victims' bank or e-wallet accounts.

Globe is strongly supporting the efforts of BSP to convert 50 percent of total retail transactions in the country to electronic channels and increase the number of banked Filipino adults to 70 percent under its Digital Payments Transformation Roadmap.

In its commitment to safeguarding the interest of its customers and the wider banking community, Security Bank actively collaborates with reputable organizations like the Bankers  Association of the Philippines (BAP) and the Bank Association of the Philippines (BMAP) to raise awareness about fraud, cybersecurity, and online safety.