Protecta Pilipinas, a private-public sector cybersecurity advocacy group urged the financial technology (FinTech) industry to implement strong cybersecurity measures amid the continued rise in financial scams targeting both consumers and businesses.
Protecta Pilipinas lead convenor Roy Ibay, in a statement, called for the prioritization of robust security protocols such as multi-factor authentication, end-to-end encryption and real-time fraud detection systems.
“As financial scams grow more sophisticated, Protecta Pilipinas urges the entire fintech industry to implement strong cybersecurity measures that protect both consumers and businesses. We advocate for the prioritization of robust security protocols, such as multi-factor authentication, end-to-end encryption, and real-time fraud detection systems. Leveraging advanced technologies like artificial intelligence and machine learning can help proactively identify and mitigate threats, even as these same tools are used by cybercriminals,” Ibay said.
“Leveraging advanced technologies like artificial intelligence (AI) and machine learning can help proactively identify and mitigate threats, even as these same tools are used by cybercriminals.”
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Aside from tightening up security, he noted that transparency and education would also help build consumer trust and awareness.
“Fintech firms should regularly update users on emerging threats and best practices for online security while offering resources to help individuals, especially the vulnerable, avoid scams and contribute to a safer financial ecosystem,” he said.
Partnerships among fintech companies, regulators, cybersecurity experts, and consumers, he said, are essential to stay ahead of evolving risks such as scams.
He also called for an increase in the implementation of regulatory standards and the conduct of regular audits to ensure fintech companies maintain a high level of security and compliance mechanisms.
“By fostering a culture of vigilance and adherence to stringent security measures, the fintech industry can protect users and create a more resilient financial future for all Filipinos,” he said.
He urged the public to reach out to Protecta Pilipinas or through the Cybercrime Investigation and Coordinating Center (CICC) hotline 1326 to report incidents of fraud or any other cybercrimes.
“We believe that building consumer trust requires transparency and education. Fintech firms should regularly update users on emerging threats and best practices for online security, while offering resources to help individuals, especially the vulnerable, avoid scams and contribute to a safer financial ecosystem. Combating financial scams is a collaborative effort. Partnerships among fintech companies, regulators, cybersecurity experts, and consumers are essential to stay ahead of evolving risks,” Ibay said.
What is Protecta Pilipinas?
Protecta Pilipinas, or the Protect Technology-Telecom Alliance, is a public-private partnership to protect the Philippines’ telecommunications infrastructure. The group’s goals include
ensuring that Filipinos have access to connectivity services, which are critical for emergency response, national security, and economic growth
The group is also advocating for the comprehensive protection measures for cybersecurity and physical infrastructure security in the country.
Protecta Pilipinas members include PLDT, Smart Communications, the Cybercrime Investigation and Coordinating Center (CICC), the Philippine Chamber of Telecommunications Operators, CitizenWatch Philippines, Infrawatch PH, and others.
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