MANILA, Philippines — In the wake of cyberhacking and phishing incidents that victimized many clients of the country’s two biggest banks, the banking community has vowed to intensify the crackdown against cybercriminals by teaming up with the Department of Justice (DOJ) in a “collective, coordinated and strategic” response.
The Bankers Association of the Philippines (BAP) will sign a memorandum of understanding (MOU) with the DOJ on Feb. 4 to “cement the partnership” between the banking industry and the national government in the fight against cybercriminals.
The agreement is seen as crucial in this period of “heightened cyber criminality,” the association of the country’s universal banks said in a statement on Sunday.
“The (BAP) believes that all stakeholders — such as the government, the banking industry, and the Filipino public—must work together to keep Filipinos safe and make cybercriminals pay for the crimes they have committed,” the BAP said.
“Promoting cybersecurity in the banking system is a joint effort in as much as it is a core aspect of the nation’s security and the economy’s stability.”
This developed after many clients of BDO Unibank and the state-owned Land Bank of the Philippines recently fell prey to cybercriminals.
‘Nagoyo’ scam
In the case of BDO, there was a sophisticated hacking scheme that bypassed the one-time password (OTP) security protocol of some 700 depositors, resulting in unauthorized bank withdrawals…
