The Cybercrime Investigation and Coordinating Center (CICC) has joined forces with the Consumer Lending Association of the Philippines (CLAP) to enhance security for 12 million consumers and 170 lending agencies, particularly during disasters. This collaboration aims to create a safer lending environment as the digital economy continues to expand.
CICC executive director Alexander K. Ramos said the newly signed memorandum of agreement (MOA) helps support the industry’s growth while ensuring consumer protection. “This partnership will allow for the protection of online consumers,” he said.
Ramos highlighted the critical need for accessible emergency funds following natural disasters, citing instances like super typhoon Kristine, which often lead individuals to rely on online lending services. He warned against the risks of predatory lending, saying, “We do not want survivors of disasters to face another crisis by becoming trapped by unscrupulous online lenders.”
CLAP president Francisco Roberto D.C. Mauricio affirmed the association’s commitment to work with CICC and other government bodies to foster a secure lending landscape for Filipinos. “We will not only focus on awareness building, but we will also collaborate closely with the government to combat digital security crimes,” he said.
Mauricio acknowledged the vulnerabilities consumers face, including loan shark harassment and cyber threats such as identity theft and phishing. “Our goal is to serve the underserved through financial technology while ensuring their safety and security, thus enhancing financial inclusion,” he added.
Ramos urged victims of cybercrime in the online lending space to report incidents to the Inter-Agency Response Center (IARC) at Hotline 1326, emphasizing the importance of proactive measures in safeguarding consumer rights.
