In response to the escalating threats posed by cybercrime in the Philippine fintech sector, industry leaders have joined forces to enhance digital security and protect consumers.
With the holiday season increasing online transactions, the risk of cyber threats has grown significantly. The Department of Justice (DOJ) Office of Cybercrime has reported a rise in various forms of cybercrime, including:
- Phishing Scams
- Identity Theft
- Ransomware Attacks
- Online Shopping Scams
- Tech Support Scams
- Social Media Scams
- Investment and Crypto Scams
- Romance Scams
As many customers turn to digital lending platforms, they find themselves vulnerable to fraudulent schemes that lack proper accreditation.
These illicit platforms often prey on consumers seeking financial assistance, underscoring the urgent need for enhanced vigilance and protection in the digital space.
In order to combat these threats and raise awareness among the Filipino public, fintech platform JuanHand and digital bank Maya are collaborating with Protect Technology-Telecom Alliance or Protect Pilipinas, to launch the Protecta Pilipinas Fintech Division.
The initiative, dubbed Protecta Fintech, aims to unite stakeholders across the fintech industry to foster a secure and equitable digital environment.
During the launch event on Friday, Dec. 6, key figures in the industry, including Francisco Roberto Mauricio, president and CEO of JuanHand; Atty. Roy Ibay, lead convenor of Protecta Pilipinas; Kristoffer Rada, head of government and regulatory relations at Maya; and undersecretary Alexander Ramos, executive director of the Cybercrime Investigation and Coordinating Center (CICC), formally signed documents to seal their collaboration.
With the CICC representing national government support, Protecta Fintech aims to set the groundwork for a safer digital financial ecosystem that promotes fairness, innovation, and empowerment for all Filipinos.
The partnership marks a significant step toward mitigating cybercrime risks and ensuring consumer safety in the increasingly digital landscape of the Philippine financial industry.
