SECURITY BANK Corp. has signed a memorandum of understanding with Globe Telecom, Inc. on data sharing to help boost cybersecurity initiatives amid increased financial cybercrime.
“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,” Security Bank Chief Information Security Officer Albert P. dela Cruz said in a statement on Wednesday.
“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.
The two-year agreement aims to enhance Globe and Security Bank’s capabilities to prevent financial crime and identity theft.
Globe has been partnering with commercial banks and online retailers to boost communication regarding cybercrime-related reports.
“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,” Globe Chief Privacy Officer Irish Salandanan-Almeida said.
“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.
Globe has invested about $20 million in improving its detection and blocking for SMS spams and scams. — AMCS