Globe Telecom and Security Bank Corp. signed a memorandum of understanding to boost cybersecurity initiatives and 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).
The 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 Globe chief privacy officer 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 said.
“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 said.
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.
BSP Memorandum No. M-2021-059 advised BSP Supervised Financial Institutions to cooperate and share relevant information.