Protecta Pilipinas, a multi-sectoral alliance focused on cybersecurity, has called on fintech companies to bolster their security measures to protect both consumers and businesses from a surge in financial scams. The group, which includes the Cybercrime Investigation and Coordinating Council (CICC) and the Philippine Chamber of Telecommunication Operators (PCTO), emphasized the urgent need for robust cybersecurity protocols in the digital finance sector.
Roy D. Ibay, convenor of Protecta Pilipinas, stressed the importance of adopting advanced security practices such as multi-factor authentication, end-to-end encryption, and real-time fraud detection systems. “These protocols are crucial in safeguarding users from increasingly sophisticated cybercriminal activities,” Ibay said.
In light of the growing threat landscape, Ibay also highlighted the potential of emerging technologies like artificial intelligence and machine learning. “AI and machine learning can play a pivotal role in proactively identifying and mitigating threats, even as cybercriminals use these tools against us,” he explained.
To foster consumer confidence, Protecta Pilipinas advocates for greater transparency and public education by fintech companies. “It’s vital that these firms regularly update users on emerging threats and best practices for online security. Additionally, offering resources to help vulnerable individuals avoid scams can contribute to a safer and more resilient financial ecosystem,” Ibay added.
Ibay also called for continued collaboration across various sectors. “Combating financial scams requires a united effort. Partnerships between fintech companies, regulators, cybersecurity experts, and consumers are essential to staying ahead of evolving risks,” he said.
In closing, Ibay urged fintech firms to uphold regulatory standards and conduct regular security audits. “By maintaining high levels of security and compliance, the fintech industry can not only protect users but also ensure a more resilient financial future for all Filipinos,” he said.
