Protecta Pilipinas urged fintech companies to strengthen cybersecurity to safeguard consumers and businesses from increasing financial scams.
“We advocate for the prioritization of robust security protocols, such as multi-factor authentication, end-to-end encryption, and real-time fraud detection systems,” said Roy Ibay, convenor of Protecta Pilipinas/.
Protecta Pilipinas is a multi-sectoral alliance between the Cybercrime Investigation and Coordinating Council (CICC), the Philippine Chamber of Telecommunication Operators (PCTO) and others.
“Leveraging advanced technologies like artificial intelligence and machine learning can help proactively identify and mitigate threats, even as these same tools are used by cybercriminals,” Ibay said.
“We believe that building consumer trust requires transparency and education. Fintech firms should regularly update users on emerging threats and best practices for online security, while offering resources to help individuals, especially the vulnerable, avoid scams and contribute to a safer financial ecosystem,” he said.
Ibay said combating financial scams is a collaborative effort and partnerships among fintech companies, regulators, cybersecurity experts and consumers.
