The Cybercrime Investigation and Coordinating Center (CICC) signed a memorandum of agreement with PayMongo Philippines Inc. to protect small and medium enterprises (SMEs) from cybercrime within the next five years.
Under the MOA, CICC and PayMongo will join forces in anti-cybercrime programs and campaigns, assistance in the investigation of cybercrimes and in improving linkage with other agencies.
Both parties agreed to respect confidentiality and data privacy in the implementation of the collaboration or cooperation.
“This MOA means that you have [PayMongo] a commitment to work with us closely,” CICC executive director Alexander Ramos said.
“We will also provide support to PayMongo in addressing cybercrime incidents involving their stakeholders, including clients, executives, and employees,” he said.
Ramos said CICC partners, including government agencies and private companies, have important roles in the prosecution and conviction of cybercrime suspects.
PayMongo president and chief executive Elmer Malolos welcomed the signing of the MOA and emphasized that the fintech sector is the most vulnerable to cybercrime.
“We are planning to educate our merchants about financial literacy to help them grow their business and also as added protection,” he said.
“We are proposing that financial literacy for SMEs must include cybercrime awareness,” Malolos said.
PayMongo had 15,100 merchants as of July 2024. It has been receiving an average of 20 complaints per month related to scams.
