Photo from Protecta Pilipinas Facebook account
Protecta Pilipinas, a multi-sector group made up of telecom players and government agencies, has urged the financial technology (fintech) sector to step up measures to protect users as hackers intensify their attacks.
In a statement released Tuesday, the organization highlighted the need to prioritize cybersecurity protocols such as multi-factor authentication and real-time fraud detection systems.
READ: Two Philippine fintech companies receive new funding from IFC
“Leveraging advanced technologies like artificial intelligence and machine learning can help proactively identify and mitigate threats, even if those same tools are used by cybercriminals,” said Roy Ibay, head of Protecta Pilipinas.
Apart from this, the group urged fintech players to always inform their users about the latest forms of financial scams they might fall victim to.
Article continues after this ad
Online hygiene
The industry also needs to share best practices for online hygiene to avoid scams, he adds.
Article continues after this ad
“Fighting financial scams is a collaborative effort. Partnerships between fintech companies, regulators, cybersecurity experts and consumers are essential to staying ahead of evolving risks,” said Ibay.
Mobile users in the Philippines are facing SMS scams, in which hackers lure unsuspecting victims into clicking on suspicious website links by offering them fake job opportunities and lottery winnings, among others. others.
These website links lead to fake portals where users will be asked to enter sensitive and personal information such as bank details, phone number and address. Using this data, hackers can take over your bank account and e-wallet to siphon money.
According to an October 2024 report by the Global Anti-Scam Alliance, Filipinos lost $8.1 billion, or nearly P460 billion, in the past 12 months due to scams mostly launched through messages. text.
On average, Filipino victims each lost $275, or about 16,000 pesos, to these scams.
Your subscription could not be saved. Please try again.
Your subscription was successful.
According to the study, around 67 percent of victims realize on their own that they have been scammed. The others had to be informed by a representative of the bank, the telecommunications company and the government, among others, to confirm the scam. INQ