PLDT Inc. and its wireless arm Smart Communications Inc. said they are investing in advanced technological solutions to combat the escalating threat of scams in the country.
“The Philippines is a mobile-first country. Today, 64 percent of transactions here are conducted on mobile devices, and because of the high volume of transactions, the Philippines has become a major target for malicious actors,” said John Gonzales, first vice president and head of enterprise consulting services and technology management at PLDT Enterprise and president and chief executive of PLDT Clarktel.
Gonzales, speaking at the panel “United against Scams: Technological Solutions and Partnerships” alongside representatives from the government and the private sector, emphasized the importance of industry partnerships and leveraging technology to safeguard consumers and enterprises against mobile-aided fraud and other cybercrimes.
“PLDT and Smart fully understand the critical role of telcos in fighting fraudulent activities. We are very thankful for GSMA who has been driving anti-fraud measures globally by uniting telcos, app developers, enterprises and other stakeholders to create mechanisms against fraud,” Gonzales said.
GSMA’s Open Gateway initiative promotes a framework of common and standardized Application Programmable Interfaces (APIs), which will enable faster deployment of new services, and safer and more secure digital experiences.
“PLDT and Smart have invested in innovation that will help counter cybercrime. By next year, we are eyeing the rollout of three key services: Silent authentication, which replaces traditional OTPs with a more secure method of logging into apps and addresses the rising threat of OTP interception by malicious actors; device location validation, which allows merchants to verify a user’s device location with the geographic location of a transaction to help fraud detection; and enhanced KYC (Know Your Customer) processes, to help ensure that transactions are legitimate and secure,” he said.
Gonzales said PLDT and Smart would also continue to collaborate closely with online communities and other industry stakeholders to reinforce the fight against cybercrime and stay ahead of malicious actors by looking across the ecosystem to identify and address emerging threats.
“Our role in continuously educating consumers and enterprises is also something we take seriously. Together, we must continue to build awareness of cybercrimes and ways to prevent them, putting in place a comprehensive defense against fraud and scams,” he said.
