UnionBank recently inked an agreement to provide mutual support on investigations involving online banking fraud.
The alliance, the first of its kind in the country today, covers information sharing among others.
UnionBank for its part, will likewise trigger and share relevant information necessary to pursue investigations in accordance with the Data Privacy Act and the aforementioned Data Sharing Agreement.
The pact came as online fraud has become a growing threat, with the rise in digital transactions especially during the pandemic.
“Currently, when it comes to gathering information in relation to fraud investigations, banks and telcos have to go through a tedious process of court orders first. This partnership will make that process a lot faster, and is a step forward in working with the BSP to ensure a safe and secure digital economy for all,” said Joey Rufo, UnionBank Chief Information Security Officer.
Privacy Commissioner Atty. John Henry Naga congratulated the two companies for the groundbreaking partnership as he talked about its importance in the current digital landscape. “I would like to commend Globe and UnionBank in executing this agreement despite it not being required under the Data Privacy Act. This goes to show our stakeholders' continued efforts in promoting data privacy and protection within their organizations.”
In its Q2 2021 Financial Crime Report, Feedzai, a US-based company specializing in artificial intelligence-driven financial crime solutions, bared that 93 percent of banking fraud committed within the period was online.
Among the many ways online banking fraud is committed is through using mobile numbers in a racket called “SMiShing.” In this attack vector done via SMS, a perpetrator uses an anonymous phone number claiming they are a representative of a reputable company to extract sensitive personal information from unwitting victims, such as one-time passwords (OTPs) and credit card numbers. This in turn allows them to commit fraudulent financial transactions, usually at the expense of the victims.
UnionBank has always advised customers to approach law enforcement agencies such as the NBI and PNP, who can help go after cybercriminals. For more information about how one can keep #CyberSure, please visit unionbankph.com and look for CyberSure.
Under the agreement signed recently, Globe will provide UnionBank information about mobile numbers potentially used by fraudsters to help in online banking fraud investigations.
More ronnotthedj.com updates? Like and follow us at @ronnotthedj on Twitter and Instagram, facebook.com/rntdblog and subscribe to Ron Not The DJ On Youtube
