Unleashing the power of consumer education to safeguard the digital economy

In a world where digital transactions have become the norm, cybersecurity has emerged as a critical concern. With cybercriminals devising increasingly sophisticated scams, it is imperative to equip consumers with the knowledge and tools to protect themselves.

I was invited by Lito Villanueva, founding president of the Fintech Alliance, to their general membership meeting last Monday, featuring Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla as the keynote speaker. The FinTech industry in the Philippines has taken a commendable step forward by launching a nationwide multi-stakeholder consumer cybersecurity education campaign, #WagMagpalokoMagingScamAlerto! Led by the FinTech Alliance.PH, this initiative brings together government agencies, private organizations, consumer groups, and media to combat the rising tide of cybercrime.

The timing of this campaign could not be more crucial. As the digital economy in the Philippines continues to expand, so does the need to ensure the safety and trust of users on digital payment platforms. Cybersecurity risks and threats loom large, and it is our collective responsibility to safeguard consumers from falling victim to phishing scams and other malicious activities. By promoting awareness and education, the FinTech Alliance.PH aims to empower millions of Filipino smartphone and online users to stay vigilant and protect themselves against cybercriminals.

This campaign is not just a mere public relations exercise; it represents a genuine commitment from various stakeholders to prioritize consumer protection. The collaboration between the FinTech Alliance.PH and organizations such as the BSP, the National Bureau of Investigation, the Philippine National Police, and several others sends a strong message that cybersecurity is a shared responsibility. By leveraging the expertise and resources of these institutions, the campaign can reach a wider audience and have a more significant impact.

Moreover, the launch of the Cambridge FinTech Regulatory and Innovations (FTRI) Program further demonstrates the Alliance’s commitment to fostering a culture of cybersecurity. By training regulators, legislators, policymakers, and professionals in banking, fintech, and digital industries, the program equips them with the knowledge and skills needed to address the evolving challenges of the digital landscape. This initiative not only strengthens the regulatory framework but also ensures that industry players are well-equipped to navigate the ever-changing cybersecurity landscape.

It is worth noting the tremendous growth of the FinTech Alliance.PH since its inception. From just 15 founding corporate members in 2017 to nearly 100 in 2023, the Alliance has established itself as the premier digital and fintech association in the Philippines. This growth reflects the industry’s recognition of the importance of collaboration and collective action in driving meaningful change. By joining forces, these organizations can pool their expertise, resources, and influence to protect consumers and fortify the digital economy.

In the face of an increasingly interconnected and digital world, consumer education is our most potent weapon against cybercrime. While technology evolves at a rapid pace, the human element remains pivotal in detecting and mitigating cyber threats. By arming consumers with knowledge about phishing scams, secure online practices, and the importance of safeguarding personal information, we can create a more resilient digital ecosystem. The #WagMagpalokoMagingScamAlerto! campaign is a vital step in that direction.

Ultimately, the success of this campaign hinges on widespread participation and engagement. It is incumbent upon all stakeholders, including the FinTech Alliance.PH member companies, to amplify the campaign’s message through various channels and social media platforms. By leveraging their influence and reach, these organizations can play a pivotal role in disseminating cybersecurity awareness among their customers and the broader public.

As we unlock the power of consumer education on cybersecurity, we are not just safeguarding individual users; we are bolstering the foundation of the digital economy. A secure and trustworthy environment is essential for the sustained growth of digital payments, fintech innovations, and overall economic progress. Let us embrace this campaign wholeheartedly, collaborate across sectors, and empower every Filipino to be scam alert and cyber resilient. Together, we can create a safer and more prosperous digital future for all.

And as we move to Web 3, all the more these safeguards should be in place, and all the more, government and private enterprises should work hand in hand to make digital transactions safe. Cheers to the Fintech Alliance for leading the way for a financially inclusive country, in a drive to make the Philippines a more globally competitive nation.

Dr. Donald Lim is the founding president of the Blockchain Council of the Philippines and the lead convenor of the Philippine Blockchain Week. He is also the Asian anchor of FintechTV.