𝐆𝐥𝐨𝐛𝐞, 𝐒𝐞𝐜𝐮𝐫𝐢𝐭𝐲 𝐁𝐚𝐧𝐤 𝐭𝐞𝐚𝐦 𝐮𝐩 𝐭𝐨 𝐛𝐨𝐨𝐬𝐭 𝐜𝐲𝐛𝐞𝐫𝐬𝐞𝐜𝐮𝐫𝐢𝐭𝐲 𝐢𝐧𝐢𝐭𝐢𝐚𝐭𝐢𝐯𝐞𝐬

𝐆𝐥𝐨𝐛𝐞, 𝐒𝐞𝐜𝐮𝐫𝐢𝐭𝐲 𝐁𝐚𝐧𝐤 𝐭𝐞𝐚𝐦 𝐮𝐩 𝐭𝐨 𝐛𝐨𝐨𝐬𝐭 𝐜𝐲𝐛𝐞𝐫𝐬𝐞𝐜𝐮𝐫𝐢𝐭𝐲 𝐢𝐧𝐢𝐭𝐢𝐚𝐭𝐢𝐯𝐞𝐬

Leading digital solutions platform Globe and top universal bank Security Bank have signed a Memorandum of Understanding that aims to further boost cybersecurity initiatives to address the rising volume and complexity of financial crimes in the country.

The agreement aims to enhance the joint capability of Globe and Security Bank to fight financial crime and identity theft and to work 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).

This two-year agreement will enable Globe, one of the country’s largest telecommunications companies, and Security Bank, one of the country’s best capitalized private domestic universal banks, 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.

“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,” said Albert dela Cruz, Chief Information Security Officer at Security Bank.

“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, latest data shows the number of bank-related scam 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 the Bangko Sentral ng Pilipinas (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.

Meanwhile, Security Bank proactively works with organizations such as the Bankers Association of the Philippines (BAP) and the Bank Association of the Philippines (BMAP) to spread awareness on fraud, cybersecurity, and online safety to its customers and the general banking public.

To learn more about Security Bank, visit www.securitybank.com. To know more about Globe, check out www.globe.com.ph, respectively.

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About Globe

Globe is a leading full-service telecommunications company in the Philippines and publicly listed in the PSE with the stock symbol GLO. The company serves the telecommunications and technology needs of consumers and businesses across an entire suite of products and services including mobile, fixed, broadband, data connectivity, internet and managed services. It has major interests in financial technology, digital marketing solutions, venture capital funding for startups, and virtual healthcare. In 2019, Globe became a signatory to the United Nations Global Compact, committing to implement universal sustainability principles. Its principals are Ayala Corporation and Singtel, acknowledged industry leaders in the country and in the region.

About Security Bank

Established in 1951, Security Bank is one of the Philippines' leading universal banks, and is publicly listed with the Philippine Stock Exchange (PSE:SECB) in 1995. The Bank's major businesses cover retail, corporate, commercial, and business banking, offering a wide range of services including financing, leasing, foreign exchange, stock brokerage, investment banking, and asset management.

Security Bank differentiates itself from competition as a strong, independent, domestic bank with a global reach. The Bank provides superior customer experience in line with its brand promise of BetterBanking, stemming from an in-depth understanding of customers' needs and providing solutions in a professional, problem-free, personalized and prompt manner. With the Bank's strategic partnership with Mitsubishi UFJ Financial Group (MUFG), the largest financial group in Japan, it is also able to provide customers access to an extensive global network.

The Bank has been recognized by international and local organizations for its continuous product innovation, market leadership, and best-in-class management practices.

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