BAP pushes key reforms
The Bankers Association of the Philippines (BAP) continues to push major reforms to further strengthen the banking industry, particularly in the area of cybersecurity.
BAP managing director Benjamin Castillo said cybersecurity has become a major concern for the banking industry in the last few years.
When the COVID-19 pandemic effectively caused the government to declare lockdowns in the entire country in 2020, Castillo said fraud had become one of the fastest and most prevalent economic crimes in the country.
“Cybercriminals had seen the trend of banking digitalization due to the necessity to engage in financial transactions in spite of logistic and mobility limitations due to the strict lockdowns. These cybercriminals took advantage of the digital space and people’s fears during the pandemic to financially abuse and exploit their victims,” he said.
According to Castillo, the BAP noted that over P1 billion was lost to cybercrime.
The BAP advocates for cybersecurity as a joint effort between banks and the banking public.
The association encourages the banking industry to continue to invest in cybersecurity technology and practices to protect their clients’ personal data.
It continues to promote cybersecurity practices and behaviors that the banking public should adopt for their daily online activities.
“The BAP would like to proudly acknowledge that some of the member banks have conducted their own separate cybersecurity educational campaigns. Some of those campaigns are ongoing to this day,” he added.
In 2021, the BAP launched an antifraud/cybersecurity educational campaign aimed at informing the banking public about common online financial schemes, what they can do to protect themselves from financial cybercriminals, and what steps they should take if they fall victim to a digital financial scam.
To further the campaign against financial cybercrime, Castillo said the BAP had partnered with multiple organizations such as the Kapisanan ng mga Brodkaster ng Pilipinas (KBP) to promote cybersecurity.
It also entered into a memorandum of agreement (MOA) with Ayala-led Globe Telecom to partner against financial crimes.
Furthermore, the group also partnered with the Supreme Court and the Information Security Officers Group (ISOG) to conduct a one-day nationwide cybersecurity awareness seminar.
The BAP had also signed a memorandum of understanding (MOU) with the Department of Justice that aims to increase and foster cybersecurity awareness.
“We hope that this campaign has helped share essential cybersecurity tips to the public for their online financial cybersafety,” Castillo said.
According to Castillo, the BAP supports the initiatives of the Bangko Sentral ng Pilipinas (BSP) to further enhance the cybersecurity.
“We have acknowledged the cybersecurity endeavors of the BSP and other government agencies like the DOJ and the Cybercrime Investigation and Coordination Center, among others and want to encourage these movements and their objectives to thwart and criminalize cybercriminals – especially those who engage in financial exploitation and financial abuse,” he said.
Castillo said the BAP also continues to be a proactive partner with the government on various matters affecting the banking industry — whether it be environmental sustainability or development of capital markets.
According to him, the group is
supporting legislation being pushed by the BSP and other government agencies aimed at deterring entities from committing cybercrimes and ensuring criminals are held accountable for their actions.
“Cybersecurity is a primary agenda for the BAP and the BSP,” he said.
He pointed out that the BAP, the BSP, and the Bank Marketing Association of the Philippines (BMAP) launched a cybersecurity educational information campaign called Check-Protect-Report (CPR).
The initiative aims to highlight practices and steps for users of online banking, financial services, and digital devices that would protect themselves and their finances online.
“In the digital age where cybercriminals have the potential to capitalize on this change to digital banking, the finance sector has the opportunity to provide reliable information on preventive measures to ensure one’s cybersecurity and to which organizations the public can reach out and report cybercriminals and cyber attacks to,” he said.
Castillo said the BAP and the BSP continue to promote cybersecurity practices and behaviors.
Philippine banks continue to strengthen security controls to boost consumer protection.
Bank of the Philippine Islands (BPI) has further upgraded its mobile banking app by integrating new security features aimed at further shielding clients from cyber fraud and scams.
The Ayala-led bank’s move to add extra layers of security aligns with the bank’s initiative to escalate its cybersecurity strategy to counter ever-evolving cyberattacks and conforms with its Customer Obsession thrust that aims to put its clients’ needs and financial well-being front and center.
Jonathan John Paz, enterprise information security and data protection officer at BPI, said cyber attacks are becoming more sophisticated these days in a world marked by rapid tech-driven changes.
“At BPI, we recognize the urgency of staying ahead of the curve with continuing cybersecurity innovations and education to proactively combat cyber threats, boost the awareness of Filipinos about these illicit activities, and ensure continuous confidence in digital banking,” he said.
“Cybersecurity is a shared responsibility, and we hope everyone takes this matter seriously. The combination of robust security controls and the right attitude of being vigilant when transacting online will help ensure a safe banking experience for everyone,” Paz added.