Globe Telecom Inc. said the number of blocked spam and scam text messages related to banks fell more than 85 percent based on data covering the first three quarters of 2023.
Globe said its proactive blocking efforts fended off more than 7 million bank-related spam and scam SMS from January to September, from a high of 49.3 million in the same period in 2022.
This followed anti-fraud pacts with the Bankers Association of the Philippines, covering 45 major banks and with individual players in the finance sector, which enabled vigorous and timely data and intelligence-sharing to align and enhance efforts to prevent and investigate fraud.
“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,” said Globe chief information security officer Anton Bonifacio.
“This progress underscores the impact of our joint initiatives in safeguarding consumers against financial fraud,” he said.
Globe said the efforts against financial fraud scored wins despite the current lack in a state-sanctioned shared responsibility framework similar to that of Singapore, outlined in a consultation paper released recently by the Monetary Authority of Singapore (MAS) and the Infocomm Media Development Authority (IMDA).
The paper comprehensively details the obligations of financial institutions and telcos in the event of unauthorized or incorrect payment transactions. It also incorporates mechanisms for compensating victims in scenarios where these established responsibilities are not fulfilled.
Globe said that in its own capacity, it has been undertaking industry-leading efforts against fraud and cybercrime. It continues to invest in tools and launches channels to streamline spam and scam SMS reporting both internally and externally.
It spent about $20 million to step up its spam and scam SMS detection and blocking system, with a round-the-clock Security Operations Center filtering out unwanted messages, including app-to-person and person-to-person SMS from 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,” said Bonifacio.