Globe Telecom and Security Bank Collaborate to Strengthen Cybersecurity Initiatives

A Memorandum of Understanding was inked between top universal bank Security Bank and leading digital solutions platform Globe Telecom with the objective of advancing cybersecurity efforts in response to the nation's increasing number and complexity of financial crimes.

​The goal of the agreement is to improve Globe and Security Bank's combined ability to combat financial crime and identity theft and collaborate on fraud investigations while adhering to all applicable laws, rules, and regulations from the Bangko Sentral ng Pilipinas (BSP) and the National Privacy Commission (NPC).

Through this two-year agreement, Security Bank, one of the best-capitalized private domestic universal banks in the nation, and Globe Telecom, one of the biggest telecommunications firms in the nation, will be able to share data for fraud detection and prevention.

​“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,” stated by Globe Chief Privacy Officer, Atty. Irish Salandanan-Almeida.

“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.

“An integral part of the BetterBanking promise we make to our customers is 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,” as stated by Security Bank's Chief Information Security Officer, Albert dela Cruz.

​​“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,” he added.

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

All significant commercial banks and online merchants have partnered with Globe Telecom to offer a direct, round-the-clock communication channel for reporting any fraudulent or malicious activity for prompt investigation or blocking.

Globe and the Bankers Association of the Philippines (BAP) signed a collaboration framework in August of last year to share data and intelligence for the purpose of preventing and investigating fraud. The deal with the organization, which is made up of 45 major banks, attempts to combat the growing number and complexity of financial crimes, identity theft, phishing, spam, and other frauds that negatively impact Filipino customers.

As part of its pledge to combat spam and fraud, Globe Telecom also inked separate agreements with consumer financing company Home Credit and the Rizal Commercial Banking Corp. (RCBC) in March of last year.

Globe Telecom set out to improve its cybersecurity in 2014 in order to protect its infrastructure from possible attacks and guarantee the security of its clients.
The business has made almost $20 million in investments to improve its SMS blocking and detection capabilities for scam and spam messages. A specialized security operations center that is open around-the-clock supports this endeavor by guaranteeing prompt detection and reaction to any breaches or attacks. Additionally, it has started a number of programs to combat the growing hazards posed by spam and scam SMS, such as the #StopSPAM portal, where users may report these unsolicited messages.

According to the most recent data, the number of bank-related scam and spam messages decreased by 46.5 percent to 4.85 million in the first half of this year from 9.06 million in the same period last year, after increased cooperation with banks and online retailers.

​The number decreased to 779,254 in the second quarter alone from the 5.1 million recorded in the same period the previous year.

Scam and spam texts are a common tool used by dishonest individuals and groups to obtain personal data from mobile users. Once hackers get their hands on this information, they can use it to take over internet accounts and steal money from victims' bank or e-wallet accounts.

​Under its Digital Payments Transformation Roadmap, Globe Telecom is fully backing the Bangko Sentral ng Pilipinas (BSP) in its endeavor to shift half of all retail transactions in the nation to electronic channels and raise the percentage of adult Filipinos with bank accounts to 70%.

In the meantime, Security Bank actively collaborates with groups like the Bank Association of the Philippines (BMAP) and the Bankers Association of the Philippines (BAP) to educate its clients and the broader banking public about fraud, cybersecurity, and online safety.