PROTECT Technology-Telecom Alliance (Protecta) Pilipinas yesterday urged the fintech industry to implement strong cybersecurity measures for the benefit of consumers and businesses.
Protecta is a public-private collaboration composed of PLDT Inc., Smart Communications Inc. and the Cybercrime Investigation and Coordinating Center (CICC), along with other stakeholders like the Philippine Chamber of Telecommunications Operators, CitizenWatch Philippines, Infrawatch PH and others.
The group made this statement in the wake of reports of unauthorized fund transfers of mobile wallet Gcash.
“We advocate for the prioritization of robust security protocols, such as multi-factor authentication, end-to-end encryption, and real-time fraud detection systems. Leveraging advanced technologies like artificial intelligence and machine learning can help proactively identify and mitigate threats, even as these same tools are used by cybercriminals,” Roy Ibay, convenor of Protecta Pilipinas, said in a statement.
Protecta said fintech firms should regularly update users on emerging threats and best practices for online security, while offering resources to help individuals, especially the vulnerable, avoid scams and contribute to a safer financial ecosystem.
“We encourage the upholding of regulatory standards and the conducting of regular audits to ensure that fintech companies maintain the highest security and compliance mechanisms. By fostering a culture of vigilance and adherence to stringent security measures, the fintech industry can protect users and create a more resilient financial future for all Filipinos.” Ibay said.
