The Department of Justice (DOJ) through its Office of Cybercrime will to forge an agreement with the Bankers Association of the Philippines (BAP) for “a collective, coordinated, and strategic cybercrime response within the banking industry.”
DOJ-OOC Officer-in-Charge Charito A. Zamora said a memorandum of understanding (MOU) between the DOJ and BAP “is being finalized to establish a formal agreement that would promote a genuine atmosphere of collaboration and alliance through an effective and efficient partnership meant to curb cybercrime and cyber-related offenses nationwide.”
Zamora stressed that while the MOU has yet to be signed, “the OOC has been consistently cooperating with the BAP through capacity building and public awareness on cybercrime.”
The National Bureau of Investigation, Bangko Sentral ng Pilipinas and the National Privacy Commission have started their investigation into the bank accounts hacking incidents.
“The collaboration eyes achieving the common goal of establishing a collective, coordinated, and strategic cyber response within the banking industry through information sharing and collaboration,” Zamora added.
Recently, depositors of a universal bank lost money through an online fraud which involved transfer to another bank, bypassing the security measure of sending a one-time PIN (Personal Identification Number) to the registered mobile number of the account holder.
About 700 of the bank’s depositors were victimized. The bank has assured the return of the lost deposits of its clients.
Ramon Jocson, BAP cybersecurity committee vice chair, said in a November report that banking fraud during the pandemic reached P1 billion in terms of unauthorized withdrawals and transfers.
Republic Act 10175 or the Cybercrime Prevention Act of 2012 created the OOC under the DOJ and designated it as the central authority for international mutual assistance and extradition for cybercrime and cyber-related matters.
It also acts as the focal agency in law enforcement investigation and prosecution strategies in curbing cybercrime and cyber-related offenses nationwide.
Among its other functions, the OOC can require the submission of timely and regular reports including pre-operation, post-operation, and investigation results, and such other documents from the police and National Bureau of Investigation for monitoring and review.