Converge ICT Solutions Inc. has signed a memorandum of understanding with Union Bank of the Philippines as part of an industry wide effort to clamp down on online fraud and financial cybercrimes.
Paulo Martin G. Santos, chief of Converge Network Transformation said the company recognizes its role in creating a more secure digital ecosystem for both residential and commercial customers.
“Based on available data, we have seen a spike in financial fraud which makes banking the second highest industry affected by cybercrime. We now average over 4.1 million requests to block fraudulent URLs in our network. This makes our partnership today urgent and timely. We commend Unionbank for spearheading this initiative as we help prevent more Filipinos from being victimized by online fraud,” Santos said.
The MOU formalized the long-standing partnership between Converge and UnionBank, who have already been collaborating to block content and URLs of fraudulent activity since the start of 2022.
“I’d like to thank Converge for swiftly acting on our request to block these illicit sites. Through our collaboration, we are able to protect more online citizens every day,” Joey Rufo, Chief Information Security Officer and Data Protection Officer at UnionBank said.
Converge and UnionBank, along with the Bankers Association of the Philippines, and the other telcos are partnering together to create a framework to share information in order to combat financial cybercrime. Through this initiative, the capability of cybercrime perpetrators to exploit and manipulate the internet and financial technology will be minimized.
“Our collaboration is a big step towards enabling more effective fraud detection and prevention, as we facilitate the takedown of clickable links and blocking of phishing and other malicious sites. It is also a timely development as phishing or smishing scams and other cyber crimes are increasing day by day,” Converge Chief Strategy Officer Benjamin B. Azada said.
“Rest assured, even as there is sharing of personal information between parties, data subjects rights’ will still be protected. Everything we do will be in compliance with existing laws, rules and regulations. Ultimately, our common goal is to ensure the security and responsible use of cyberspace and financial technology,” he added.