BAP, DoJ launch anti-cybercrime partnership
THE Bankers Association of the Philippines (BAP) and the Department of Justice (DoJ) launched an anti-cybercrime partnership as losses from bank fraud during the pandemic hit P1 billion.
The public-private agreement signed at an event on Friday will involve cybersecurity information sharing and training between the two groups.
“Banking fraud damage during the pandemic had reached P1 billion in terms of unauthorized withdrawals in illegal transfers,” Justice Secretary Menardo I. Guevarra said, quoting data from the BAP cybersecurity committee.
“Through this memorandum of understanding, both parties are assured to be kept abreast of the latest developments in cybersecurity to better protect the banking industry and the general public from fraudulent activities in cyberspace.”
Ramon L. Jocson, the cybersecurity committee vice chair of the BAP, said information sharing between the private and public sectors would help identify methods used by cybercriminals and improve prosecution.
“By providing (the government) with information, this can be the basis for future legislation,” he added.
He said the Cybercrime Prevention Act, which was signed in 2012, mostly covers crimes done at the time, such as automated teller machine (ATM) and bank card hacking.
“When you look at the definitions, it’s primarily about stolen cards, credentials based on artifacts that are concrete, not abstract. Not like accounts, electronic accounts and so on. No mention of social engineering methods like phishing.”
Noting the small number of cybersecurity experts in the Philippines, he said information sharing should be done so that the Department of Justice can recognize the different methods used by criminals to exploit technology.
The National Bureau of Investigation last month said they caught five people involved in the hacking of more than 700 BDO Unibank, Inc. accounts in December.
The bureau is also investigating the alleged phishing scam that stole funds from the Land Bank of the Philippines accounts of several teachers. — Jenina P. Ibañez
