The Manila Times

PSAC initiates efforts of local telcos to promote consumer protection

ON Friday, September 9, the Digital Infrastructure group of the Private Sector Advisory Council (PSAC) initiated the joint efforts of local telecommunication players (telcos) to uphold their commitment to consumer protection amid growing fraud concerns.

During the 2022 UnionBank Innovation Festival held at the newly opened UnionBank Innovation Campus in San Pedro, Laguna, executives of Union Bank of the Philippines, Globe Group, Smart Communications and Converge ICT Solutions signed a memorandum of understanding (MOU) to strengthen cybersecurity and combat financial crimes through fraud prevention and data sharing measures.

This marked the first course of action of the PSAC Digital Infrastructure sector, headed by UnionBank Chief Technology and Operations Officer, and Chief Transformation Officer Henry Aguda, shortly after it was formed last month.

The MOU was the answer to the Advisory Opinion 2021-06, issued by the National Privacy Commission (NPC), allowing for the sharing of relevant data for purposes of fraud investigations. It was a proactive response, addressing the rising number of phishing and cybercrime cases.

Under the recently signed MOU, all telcos committed to create a framework to share relevant data in order to profile fraudsters abusing technology and victimizing Filipinos without requiring a very lengthy court order to extract information about fraudsters.

Alongside leveraging the expertise of the PSAC network, the MOU would also add teeth to the private sector’s anti-fraud initiative by providing for the taking down of malicious sites and phishing links. The firms have also agreed to create and convene their respective quick response teams (QRTs), composed of their own cybersecurity specialists.

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2022-09-21T07:00:00.0000000Z

2022-09-21T07:00:00.0000000Z

https://digitaledition.manilatimes.net/article/282299619028115

The Manila Times