Protecta Fintech, a new initiative launched by digital bank Maya and loan app JuanHand in collaboration with various government agencies, aims to combat cybercrime in the fintech industry. The Cybercrime Investigation and Coordinating Center (CICC), the Department of Trade and Industry, the Department of Justice, the Securities and Exchange Commission, the Philippine National Police, and private-sector leaders have joined forces to address the rising issue of digital fraud, particularly as more Filipinos turn to online banking and payments.
Francisco Roberto D.C. Mauricio, the lead advocate of Protecta Fintech and the president and CEO of JuanHand, emphasized the importance of the partnership between the government and private sectors in creating a secure digital financial ecosystem that promotes fairness, innovation, and empowerment for all Filipinos. The initiative is focused on educating consumers about common scams like phishing and vishing, improving security tools, and ensuring compliance with regulations.
Kristoffer Rada, the head of Government Relations and Regulatory Affairs at Maya, highlighted the need for Filipinos to feel confident when using digital tools to manage their finances. He cautioned against clicking on links in text messages, noting that many banks and telecommunication companies now block messages containing links to protect customers from falling victim to scams.
As the fintech industry continues to evolve and expand in the Philippines, the issue of cybercrime has become a growing concern. With more people relying on digital platforms for financial transactions, the risk of fraud and data breaches has also increased. Protecta Fintech seeks to address these challenges by bringing together key stakeholders from both the public and private sectors to collaborate on strategies for combating cybercrime and enhancing cybersecurity measures in the industry.
In addition to raising awareness about common scams and promoting best practices for online security, Protecta Fintech will also focus on updating existing security protocols and ensuring that all stakeholders comply with relevant regulations. By fostering a culture of vigilance and accountability within the fintech community, the initiative aims to build a more resilient and secure digital financial ecosystem that safeguards the interests of consumers and promotes trust in online transactions.
Overall, the launch of Protecta Fintech represents a significant step forward in the fight against cybercrime in the Philippines. By fostering greater collaboration and coordination among key stakeholders, the initiative is poised to make a meaningful impact in strengthening cybersecurity in the fintech industry and protecting consumers from digital threats. Through ongoing education, awareness campaigns, and technological enhancements, Protecta Fintech aims to create a safer and more secure environment for all Filipinos to engage in digital financial services.