Globe, the Philippines’ leading telecommunications company, has witnessed an impressive 85% decline in blocked scams and spam text messages related to banks during the first three quarters of 2023. This remarkable accomplishment is attributed to Globe’s robust partnerships with major banks and financial institutions across the country.
The data, covering the period from January to September 2023, reveals that Globe’s proactive measures successfully thwarted over 7 million bank-related spam and scam SMS, marking a substantial drop from the 49.3 million reported during the same timeframe in 2022.
This success is a result of strategic anti-fraud collaborations with the Bankers Association of the Philippines, encompassing 45 major banks, as well as individual entities in the finance sector. These partnerships facilitate the seamless exchange of data and intelligence, empowering concerted efforts to prevent and investigate fraud promptly.
“Our partnerships with various banks and financial institutions, aimed at enhancing fraud detection and prevention have been highly effective, as evidenced by the steep decline in blocked spam and scam SMS related to banks. This progress underscores the impact of our joint initiatives in safeguarding consumers against financial fraud,” according to Anton Bonifacio, Globe’s Chief Information Security Officer.
Globe’s proactive stance against financial fraud is particularly noteworthy, considering the absence of a state-sanctioned shared responsibility framework akin to Singapore’s recent initiative. The Monetary Authority of Singapore (MAS) and the Infocomm Media Development Authority (IMDA) released a consultation paper outlining obligations for financial institutions and telecom companies in handling unauthorized or incorrect payment transactions. The paper also introduces mechanisms for compensating victims when established responsibilities are not fulfilled.
Despite the lack of a similar framework in the Philippines, Globe remains at the forefront of combating fraud and cybercrime. The company continues to invest significantly, allocating approximately US$20 million to enhance its spam and scam SMS detection and blocking system. A dedicated Security Operations Center operates round-the-clock, filtering out unwanted messages, including app-to-person and person-to-person SMS, originating from both international and domestic sources.
“Despite current limitations, we are doing our best to protect our customers, leveraging the latest technology and partnerships with other stakeholders to combat fraud. The fight against fraud needs everyone’s support as it affects us all, and we look forward to working with the government more closely to strengthen our campaign,” Bonifacio added.