Globe reported an 85% decrease in scam and spam SMS during Q3 2023, citing a strong partnership with banks in the fight against fraud.
According to Globe, they managed to block more than 7 million bank-related spam and scam text messages from January to September in 2023. This is a significant drop from the 49.3 million fraudulent messages they intercepted during the same period in 2022.
The success of Globe Telecom can be attributed to its collaboration with the Bankers Association of the Philippines and individual players in the finance sector to combat fraud. This partnership covers 45 major banks and enables them to share data and intelligence, allowing for better alignment and enhancement of their efforts to prevent and investigate fraudulent activities.
Anton Bonifacio, Globe's Chief Information Security Officer, said:
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.
Despite the current absence of a state-sanctioned shared responsibility framework like that of Singapore, Globe Telecom's proactive efforts to combat financial fraud are yielding positive results. Recently, the Monetary Authority of Singapore (MAS) and the Infocomm Media Development Authority (IMDA) released a consultation paper outlining Singapore's framework.
The consultation paper outlines the responsibilities of financial institutions and telcos during unauthorized or incorrect payment transactions and includes mechanisms for compensating victims if these obligations are not met.
In its own capacity, Globe said it has been making industry-leading efforts to combat fraud and cybercrime. The company continues to invest in tools and launch channels for both internal and external spam and scam SMS reporting.
Globe has invested approximately USD 20 million to enhance its spam and scam SMS detection and blocking system. Their Security Operations Center works 24/7 to filter out unwanted messages from both international and domestic sources, including app-to-person and person-to-person SMS.
Bonifacio added:
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.
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