Grace Poe Calls On Financial Institutions, Banks To Fortify Digital Platforms vs Cybercrimes

Senator Grace Poe called on financial institutions and banks to fortify digital platforms against cybercrimes.

On Tuesday, Senator Grace Poe called on financial institutions and banks to fortify digital platforms against cybercrimes, especially at a time more people were turning to digital transactions.

The senator, who chaired the Senate Committee on Banks, Financial Institutions, and Currencies, made the appeal following another reported incident of bank hacking, this time, involving the bank accounts of teachers who have payroll accounts with the Land Bank of the Philippines (Landbank).

Photo source: Daily Tribune

Their money was reportedly stolen through unauthorized electronic fund transfers to other electronic wallets or banks.

The Land Bank of the Philippines has refuted accusations of its systems being hacked, claiming that the gadgets used by the teachers were compromised by way of “phishing”.

READ ALSO: BSP Working To Establish National Approach vs Cyber Fraud

In a statement, the senator said that more people turning to online transactions amidst the pandemic shouldn’t drive the uptick in hacking activities and other attempts at “digital thievery”.

Poe stressed that they expected banks and concerned financial institutions to fortify their systems in order to thwart emboldened threats and security breaches.

The senator also stressed that intensified collaboration was crucial between and among the government, banks, and consumers in taking the necessary measures in order to protect financial consumers from becoming victims of cybercrimes.

Senator Grace Poe
Photo source: Manila Bulletin

According to Poe, the Bangko Sentral ng Pilipinas (BSP) should provide the Senate documents pertaining to the result of its investigation regarding the recent hacking incidents of online bank accounts.

We ask the BSP to furnish the Senate committee on banks, financial institutions and currencies copies of the results of its investigations including on the recent BDO Unibank incident,” Poe said.

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