Two local technology groups have called on the fintech industry, particularly e-wallet firms, to institute stronger cybersecurity measures and consumer protection in the wake of recent unauthorized fund transactions on the GCash e-wallet platform.
The Bangko Sentral ng Pilipinas (BSP) has instructed GCash to immediately resolve the reported unauthorized deductions on account balances of affected GCash users and swiftly complete the process of refunds.
Before GCash came out with the statement that the issue was caused by “system reconciliation”, Manila Bulletin columnist Arturo Samaniego Jr., who was implicated recently by the National Bureau of Investigation (NBI) as a hacking mastermind, again tried to muddle the issue by claiming in his Facebook post that the losses experienced by GCash users was due to a phishing attack.
Using ‘fake cell towers’, scammers are able to bypass telco networks to send SMS directly to mobile users, and can even use legitimate company names as the sender name.
Based on Comelec Resolution 11064 promulgated in September 2024, cheapfakes refer "to forms of visual disinformation for which authentic images or videos are re-contextualized to deliberately alter their meaning.”
As technology becomes more integrated into our daily lives, the demand for skilled professionals who can protect our data and systems from cyberattacks is growing at an incredible rate.
The P15-million research project, which aims to create a new tool to detect and suppress smishing, is funded by the Department of Science and Technology (DOST).
A new report from cybersecurity firm Sophos has revealed that the median ransom paid by educational institutions was $6.6 million for lower education and $4.4 million for higher education organizations.
