Globe says ready to participate in bank fraud investigation

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MANILA – Globe Telecom is ready to assist Bangko Sentral ng Pilipinas and law enforcement in the investigation of unauthorized transactions involving BDO account holders, a company official said on Monday.

“We are helping, we are trying to trace, we are trying to search. We haven’t really seen anything yet but of course we will cooperate with the BSP or even with the police if they needed help to a particular GCash portfolio, ”said Anton Bonifacio, Globe’s Information Security Officer.

Mynt, Globe’s fintech arm, operates the GCash e-wallet.

Over the weekend, BDO customers complained about unauthorized withdrawals and said they were not involved in any phishing sites.

The BSP said it was working with BDO on the alleged hacking incidents. BDO has said it will return the lost funds, but has yet to issue an estimate for the amount of money involved.

Globe said it is also working with the National Privacy Commission on SMS phishing spam investigations.

Thousands of Filipinos earlier said they had received spam via text messages offering employment opportunities, which, when clicked, directed them to group chats and phishing sites.

But Bonifacio said the unauthorized bank transaction is much worse than SMS spam.

“The scary thing is that this is no longer the spam scam we’re talking about. It’s no longer phishing that requires customer interaction,” he said.

‘WE ARE ALL IN THE SAME BOAT’

Banks, government, private sector and consumers should all work together to mitigate the spread of cybercrime, he said, adding that education is going to be the key to preventing cybercrime.

“We’re all in the same boat… we know we have a responsibility to be able to educate and raise awareness. I think that’s what we want to double because there’s a huge percentage of customers, Filipinos in general who don’t. may not be savvy enough to have practical tools readily available, ”he said.

“The private sector can do a little more or that and more partnerships and sharing, I think we will be better off,” he added.

On the business side, businesses and banks should make sure the KYC (know your customer) process is “less intimidating” to encourage more people to open accounts, he said.

GCash has previously stated that it has deployed “additional security” features to protect customers.

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