PH banks boost tech spending, eye unified cybercrime response

Banks across the Philippines are ramping up technology investments to improve operational efficiency and consumer service, while doubling down on cybersecurity through a new “whole-of-ecosystem” approach in collaboration with key government agencies.

The initiative involves closer coordination with the Department of Information and Communications Technology (DICT), Bangko Sentral ng Pilipinas (BSP), and the National Privacy Commission (NPC). 

The approach aims to unify public and private efforts in tackling financial cybercrime, according to the Bankers Association of the Philippines.

Key features of the plan include:

• Joint cybersecurity advisories

• Creation of a national scam and fraud database

• Consumer education campaigns

• Real-time private-public coordination protocols

• Standardization of scam types and response measures

Private firms, including fintechs, telcos, and e-commerce platforms, will also be tapped to support the initiative. Meanwhile, banks continue to invest heavily in cybersecurity upgrades and infrastructure, including alternatives to One-Time Passwords (OTPs).

The move comes at a critical moment for the Marcos administration, as policy shifts under newly appointed Information and Communications Technology Secretary Henry Aguda could shape the country’s cybersecurity and financial tech landscape for years to come. —Ed: Corrie S. Narisma