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Cybercrime Epidemic Hits Philippines’ Finance Industry Amid Digital Transformation

The Philippine banking industry is grappling with a growing cybercrime crisis as more transactions shift online amid the COVID-19 pandemic.

The Problem

According to the Bankers Association of the Philippines, the rapid digitization of banks has made them vulnerable to attacks by cybercriminals. Statistics from the Bangko Sentral ng Pilipinas (BSP) show that 98.4% of reported crimes and losses filed by banks from March 15 to May 18, 2020 were online in nature, resulting in a total loss of P60.6 million.

The Impact

The Philippine National Police’s Anti-Cybercrime Group also reported a 37% increase in online scams from March to September 2020 compared to the same period in 2019.

A Solution

To combat this growing menace, Senator [name] has introduced Senate Bill No. 2380, also known as the “Bank Account, E-wallet, and Other Financial Accounts Regulation Act.” The bill aims to promote a stable and efficient financial system while protecting the public from cybercriminals and syndicates that target bank accounts and e-wallets.

Key Features of the Bill

• Requires government agencies, including the BSP, Department of Justice, and Philippine National Police, to develop an “Anti-Scam/Financial Fraud Roadmap” to educate consumers about financial scams and expedite the regulation and prosecution of cybercrime cases.
• Requires banks and other institutions to enhance their online platforms, payment systems, and data security.

The Consequences

If left unchecked, the impact of cybercrime in the Philippines is expected to worsen. A joint statement by business firms warns that it could reach $6 trillion globally by 2021 and up to $10.5 trillion annually by 2025. In 2020, about 42% of Philippine firms reported being hit by ransomware, with 76% suffering data encryption.

The Cost

According to a UK-based cybersecurity firm, Philippine organizations have spent an average of P40 million to recover from these attacks, which is lower than the global average. However, the constant threat of cybercrime remains a major concern for businesses of all sizes in the country.