GCash Intensify Partnership to Reduce Financial Cybercrime Impact

A robust culture of cooperation between public agencies and the private sector is the optimal approach to significantly mitigate the repercussions of financial cybercrime in our society. This sentiment was echoed during a recent financial cybercrime educational session, orchestrated by the Banko Sentral ng Pilipinas-Payments and Currency Investigation Group, Philippine Center for Transnational Crime, and the Philippine National Police (PNP), in partnership with the country’s premier finance super app, #GCash

 

The session convened experts from diverse government agencies, including the Bangko Sentral ng Pilipinas (BSP), Department of Justice (DOJ), Department of Interior and Local Government (DILG), International Police Philippines, and Philippine National Police Anti-cybercrime Group (PNP-ACG). These experts shared their knowledge and effective strategies in battling financial cybercrime.

“Cybercriminals’ sophisticated tactics pose substantial threats to our financial systems and personnel security. Tackling these challenges necessitates a collective effort, and it is this spirit of collaboration that has united us today,” states GCash Legal Counsel Atty. Takahiro Kenjie Aman. “This lecture is a part of our continuous efforts to shield the public and fortify our defenses against financial cybercrime.”

Conducted at the Police Non-Commissioned Officers Association (PNCO) Club Cespo Building, Camp Crame in Quezon City, the event featured speakers from the DOJ and the Philippine Center on Transnational Crime. They each concentrated on the local and international procedures in investigating and apprehending cybercriminals, including cybercrime prosecution and litigation, investigation and attribution, data privacy perspective on cybercrime investigation and prosecution, and international coordination for cybercrime warrants. Representatives from GCash also shared the innovative strategies and best practices that the company employs to secure its digital ecosystem.

“At GCash, we underscore the significance of collective responsibility. Cybersecurity necessitates a united front and collaboration across all sectors to effectively combat cybercrimes. We believe in fostering a culture of vigilance and cooperation among government agencies, the private sector, and across industries to protect our digital space against evolving threats,” says GCash Chief Information Security Officer Migs Geronilla. “This lecture is a vital step in bolstering our collective efforts to safeguard the public and construct a safer digital landscape.”

In a discussion on the prosecution of financial cybercrime and digital evidence, Department of Justice - National Prosecution Service Prosecutor Robin Landicho stated, “If private stakeholders like GCash and other corporations do not cooperate, how can we progress in solving cases? There is often confusion about what data entails, so understanding electronic evidence today is crucial. Cybercrime is borderless and does not recognize any territory, race, or gender.”

As the largest digital ecosystem in the Philippines, GCash Group Data Protection Officer and Head of Regulatory Technology Attorney Rob Real also emphasized its role in protecting users’ privacy and maintaining trust during financial cybercrime investigations.

“I hope we can comprehend the interplay of data privacy and financial cybercrime investigation. We have numerous tools to combat cybercrime, and we need to understand its principles and considerations. By implementing robust data protection measures, balancing privacy with legal obligations, and maintaining transparency, GCash can effectively support investigations while preserving user trust and adhering to data privacy standards,” says Atty. Real.

In terms of addressing the legal and collaborative aspects of investigating and prosecuting crimes that occur in the digital realm, Attorney GV Sosa of the DOJ, Office of Cybercrime said, “International cooperation and cyber warrants are crucial in tackling cybercrime. International coordination ensures that cross-border cybercrimes are effectively managed through collaboration and shared resources, while cyber warrants provide the legal basis for accessing digital evidence. Both elements are essential for building a comprehensive and effective response to the evolving landscape of cyber threats.”

During the event, GCash also highlighted the importance of leveraging advanced tools, investigation techniques, and attribution processes to combat cyber threats. This includes utilizing advanced technologies, like AI, big data analytics, and machine learning.

“Cyber threats continue to evolve, and in terms of cybercrime, we are all exposed. Cybercriminals are highly innovative, adaptable, decentralized, and anonymous. It’s crucial to understand the available tools and their legal implications. At GCash, we constantly leverage technology to effectively investigate and attribute cybercrimes, providing a more secure and safer digital experience for millions of Filipinos,” says GCash Head of Legal Pursuance Atty. Dino Regalario.

Recognizing the increasing prevalence of financial cybercrime in the Philippines, GCash is dedicated to collaborating closely with government agencies to protect the public and secure digital transactions, ultimately aiming to bolster the capabilities of law enforcement in investigating, prosecuting, and preventing cybercrimes to ensure a better, safer digital-ready nation.

For more information, please visit the official GCash website.

FAQs

1. What was the purpose of the recent financial cybercrime educational session? The session was organized to share insights and best practices in combating financial cybercrime, fostering a culture of collaboration between public agencies and the private sector.

2. Who were the participants in the session? The session convened experts from diverse government agencies, including the Bangko Sentral ng Pilipinas (BSP), Department of Justice (DOJ), Department of Interior and Local Government (DILG), International Police Philippines, and Philippine National Police Anti-cybercrime Group (PNP-ACG), along with representatives from GCash.

3. What is GCash’s stance on cybersecurity? GCash emphasizes the importance of collective responsibility and believes in fostering a culture of vigilance and cooperation among government agencies, the private sector, and across industries to protect the digital space against evolving threats.

4. What role does GCash play in financial cybercrime investigations? GCash plays a crucial role in protecting users’ privacy and maintaining trust during financial cybercrime investigations. It implements robust data protection measures, balances privacy with legal obligations, and maintains transparency to effectively support investigations while preserving user trust and adhering to data privacy standards.

5. Where can I learn more about GCash? For more information about GCash, you can visit their official website.