Cybersecurity group calls for vigilance amid rising financial scams

MANILA – Multi-sectoral cybersecurity group Protecta Pilipinas on Tuesday called on the financial technology (fintech) industry to implement strong cybersecurity measures amidst the continued rise in financial scams targeting both consumers and businesses.

In a statement, Protecta Pilipinas lead convenor Roy Ibay called 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.

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.

Over the weekend, several reports of unauthorized fund transfers through the mobile wallet service GCash went viral on social media.

In particular, actress Marietta "Pokwang" Subong complained of losing around P85,000 to unauthorized transfers.

In response, the CICC called on Subong to coordinate with their investigation, noting that the incident was likely an account breach and not related to a system glitch as reported by GCash. (PNA)