Through Cisco’s cybersecurity programs, banking professionals from across 13 of the leading banks in the country completed courses under the training program developed by Cisco Networking Academy, being one of the world’s longest-running IT skills-to-job program.

The shift to digital for the banking sector and many others has rapidly expanded the threat landscape, with 8 in 10 (85%) of security leaders in the Philippines believing cybersecurity incidents are likely to disrupt their businesses over the next year. Data from the Philippines Cybercrime Investigation and Coordinating Center (CICC) has shown cybercrimes increasing by 152% and online scams tripling from 2022 to 2023. This has led to the growing importance of cybersecurity education, awareness, and training for banking professionals.

“As cyber threats continue to escalate, so does the need for advancing and expanding our cybersecurity workforce,” said Zaza Soriano-Nicart, Managing Director, Cisco Philippines. “At Cisco, we recognize the urgency of this demand and remain committed to empowering those in the financial services sector with the knowledge and skills to securely navigate the digital landscape and improve cybersecurity resilience. We are honored to collaborate with BAP on this vital initiative and continue to provide banking professionals with the necessary skills of tomorrow.” 

Tackling the Growing Implications of Cyberattacks 

The “Cisco-BAP Cybersecurity Skills Training Program for the Next Generation Banker” is a dedicated initiative that institutionalizes cybersecurity training for banking professionals. Delivered in partnership with Mapua University through a mix of self-paced, in-person and virtual classes on Webex, the program is designed to equip participants with a comprehensive understanding of security standards and best practices to secure their organizations. It also seeks to expand the pool of cybersecurity professionals to fill vacancies in member banks and bolster the industry.

Professionals from member banks participated in one of two pathways. Banking professionals with management responsibilities, regardless of role or department, underwent the Beginners Program, which includes courses on Introduction to Cybersecurity and Cybersecurity Essentials. Managers with technical roles associated with technology or cybersecurity enlisted in the Specialized Program, which includes courses on Network Security, CyberOps Associate and Cloud Security, and were encouraged to take the courses in the Beginners Program as a refresher. 

“The importance of banks and financial institutions protecting consumer data and privacy is paramount in today’s digital era. With the evolving cyber threat landscape, banking professionals must be equipped with the knowledge and skillsets to prevent cybersecurity breaches and respond swiftly to threats. This partnership with Cisco enables us to provide them with strong cybersecurity skills, to not only safeguard institutions in the Philippines but also maintain the trust and confidence of customers,” said Benjamin P. Castillo, Managing Director, BAP. 

In a graduate recognition ceremony, participants from the 13 member banks received certifications for their completion of the first batch of the “Specialized Program.” Professionals from the Philippine Veterans Bank, Bank of Commerce, Security Bank Philippines, Robinsons Bank and UnionBank of the Philippines were awarded special recognition for receiving the highest marks on the courses in the training program. UnionBank of the Philippines was also recognized as the “Best Performing Bank,” for the highest number of professionals completing the courses with stellar results.  

The Cisco-BAP Cybersecurity Skills Training Program for the Next Generation Banker, powered by UGNAYAN 2030, stands as a testament to this collaboration’s commitment to guiding the financial sector towards digital inclusion and transformation. Recruitment of the second batch of students has started, with classes starting in April 2024. 

By Alithea De Jesus

There is no better way to celebrate an anniversary than to get overwhelming support from end users and partners.

As PayMongo marks its 4th year, leaders in the startup and various industries attended its anniversary celebration held in the company’s office in BGC.

Attendees include executives from Peddlr, Penny Pairs, Colourette Cosmetics, PDAX, Growsari, Kumu, Brankas, Swarm, Kaya Founders, Foxmont Capital Partners, Endeavor Philippines, GoTyme Bank, Robinsons Bank, UnionBank of the Philippines, UnionDigital Bank, Visa, 7-Eleven Philippines, merchants, stakeholders, employees and friends from various industries.

Filipino payment gateway PayMongo celebrated its fourth anniversary, at its headquarters in Bonifacio Global City, Taguig City, alongside their partners, merchants, stakeholders, employees and friends from various industries.

“We are happy to be celebrating PayMongo’s 4th anniversary with the key drivers of the Philippine fintech sector. We are grateful for the support and confidence not only in PayMongo but also in the collective spirit of the local startup ecosystem,” said Jojo Malolos, PayMongo’s newly appointed CEO, during the anniversary held on March 14, 2023.

“With their help and with the determination of our team, we aspire to further develop the country’s online payments infrastructure and continue to set a strong foundation for Philippine businesses,” Malolos added.

Launched in 2019, PayMongo is a financial technology company that helps Filipino businesses accept online payments from their customers and facilitate multiple modes of money movement online. PayMongo currently offers its services to more than 12,000 businesses in the country.

In February, PayMongo appointed Malolos as its new president and CEO to implement  plans for the company’s next phase of growth. 

A key to Malolos’s transformational initiatives is to open PayMongo to the larger ecosystem through faster and more extensive collaborations with its partners.

“PayMongo’s impressive growth over the last four years is a testament to how much they have helped merchants  grow their business online. We remain excited about supporting their efforts to drive financial inclusion and financial freedom in the Philippines. More power to the PayMongo team!” said Manny Ayala, Co-Founder and Managing Director of Endeavor Philippines.

“With the support of its growing base of partners, merchants, and advisors, I have no doubt that this fourth year anniversary is just the beginning of even greater success for this company,” said Paulo Campos, Founding Managing General Partner of Kaya Founders, one of the company’s Series B investors.

Other attendees in the Anniversary include: Napoleon Nazareno, PLDT and Smart Communications, Inc. former President and CEO; Alex Cabrera, PWC Chairman Emeritus; Raymond Alimurung, Lazada Chairman; Gilbert Sta Maria, Philippine Airlines Former President and COO; Jeff Navarro, Visa Country Manager for Philippines and Guam; Elfren Sarte, Robinsons Bank President and CEO; Arvie De Vera, Union Digital Bank CEO; Antonio Corro, UBP SVP, Consumer Finance Center; Gerardo Austria, UBP Vice President for Merchant Acquiring and Payment Gateway; Nate Clarke, GoTyme Bank President and CEO; Albert Tinio, GoTyme Bank COO and co-CEO; Nichel Gaba, PDAX Founder and CEO; Nel Laygo, Peddlr Founder and CEO; ER Rollan, Growsari Co-founder and CEO; Todd Schweister, Brankas Founder and CEO; Dexter Ligot-Gordon, Swarm Co-founder and CEO; Nina Dizon-Cabrera, Colourette CEO; Franco Varona, Foxmont Managing Partner, and Victor Paterno, 7-Eleven Philippines CEO.

By strengthening its current payment offering and introducing its next generation of products, the company will seek to meet the financial needs of more businesses in the coming year. Moreover, with the company’s newly issued electronic money issuer license, PayMongo is set to drive significant impact in the digital financial services sector for small and medium enterprises.

The Social Security System (SSS) and UnionBank of the Philippines (UBP) signed a memorandum of agreement on Monday that will allow SSS members to acquire Unified Multi-Purpose Identification (UMID) Pay Cards through the UBP.

Aside from being a valid government-issued ID, the UMID Pay Card will be linked to a UBP regular savings account with no required maintaining balance, where members can receive the proceeds of their SSS benefits, loans, and refunds.

Moreover, members who will be issued with the said UMID Pay Cards will be able to check their balance, withdraw cash, transfer funds, pay bills, or deposit cash through UBP’s branches, self-service machines, and BancNet ATMs nationwide.

They will also have access to the online and mobile banking platforms of the UBP, where they may perform additional transactions such as depositing checks, buying load, and creating savings goals, among others.

The issuance of UMID Pay Cards through the UBP is projected to be made available in the fourth quarter of 2022. Further details about the program will be posted on the SSS website and social media pages.

“Data is like gold we need to protect, especially for professionals and businesses,” Jaypee Soliman, UnionBank VP/MSME Segment Head, mentioned as he talked about phishing at the ACACI PH 37th Annual National Convention, Technical Session 5: Prevent Cyber-Attacks: What Accounting Professionals Need to Know.

Phishing is defined as “a fraudulent practice of sending e-mails purporting to be from reputable companies in order to induce individuals to reveal personal information, such as passwords and credit card numbers.” In reality, fraudsters are “pretending to be from huge companies, and that they need your personal information. Once you have given usernames or passwords, they have several ways to hack into your accounts.” 

For example, phishing can happen through compromised emails. Fraudsters can easily get your passwords that allow them to go through your sensitive information or files. Usually, the same password is used for mobile banking. Thus, when they pose as bank representatives and convince you to give your OTP, they now have access to your online banking accounts.

Phishing has evolved greatly in this age of social media. It is no longer limited to emails as it can be done through popular sites like Facebook, Instagram, or Twitter. These can be through bogus promos or ads that you come across as you scroll your timeline. To protect yourself, you must scrutinize the details of the post, such as spelling, grammar, and even the links posted, as suspicious-looking details almost always lead to unscrupulous activities online. 

Scammers also do phishing through SMS or “smishing” and Voice calls or “vishing”. In these, they try to attack your emotions — either scare you or guilt you into giving up your sensitive financial details. They convince you to act urgently and disclose your card or banking details, pretending that someone is trying to make an unauthorized transaction using your card or bank account. 

Smishing often happens with a fraudster sending a message with a clickable URL. When clicked, these links direct you to a website prompting you to enter your details, including sensitive ones. Once done, cybercriminals can now use these to access your accounts and steal money or more data. 

Soliman walked through the steps that professionals and businesses should know to avoid falling victim to these phishing attacks. 

First, understand the entry points or gateways where fraudsters can get in, such as an email. Each and every access point is a potential entry point of threats.

Second, have an early detection system. Depending on the strategy of the company, it can be an internal communication system where threats are recognized. 

Third, have a response mechanism. This may vary depending on what industry the company belongs to. 

Have a solid communications system. This helps get information about potential threats inside the company that also extend to the customers.

Lastly, have a recovery plan. This is your strategy on how to treat intrusions, how to block or even eliminate these threats.

Soliman also recommends the following:

1. Don’t share sensitive info to other people;
2. Think before you click;
3. Enable multifactor authentication 
4. Don’t use the same passwords across platforms and emails especially for mobile banking;
5. Choose a reputable email provider;
6. Only shop in reputable sites;
7. Keep your devices and software updated

In addition, to monitor if data has leaked out of your accounts:

1. Check if your e-mail is compromised thru https://haveibeenpwned.com/ 
   1. See the sites or apps where your information is compromised
   2. If there are any, best thing to do is change passwords
   3. Or even delete or deactivate apps or software you do not use anymore
2. Check all your online accounts
   1. Check your recent activity, or log-in activity
   2. If there are irregularities, respond right away by calling the platform to block devices using your account 

In 2018, Union Bank of the Philippines (UnionBank) – recognized as a trailblazer with first-in-industry digital solutions that continue to revolutionize banking, incorporated fintech subsidiary UBX as part of its continuing digital transformation journey to harness emerging technologies while innovating on open, embedded finance and digital platforms.

Operated by UnionBank’s UBX since 2019, the i2i platform remains one-of-a-kind and undisputed Open Finance leader in the country’s digital banking space. Short for “island-to-island, institution-to-institution, individual-to-individual,” i2i is the first of its kind in the country: an Open Finance platform based on distributed ledger technology (DLT) that links financial institutions – from the largest banks to community-based financial service providers – to each other; to fintech and digital platforms; and to the country’s mainstream financial networks.

Through i2i, UnionBank’s UBX brings digital financial services to unbanked and underbanked individuals in financially underserved communities across the country. Leveraging DLT and open finance frameworks gives community-based financial service providers such as rural banks, thrifts, and cooperatives access to cutting-edge digital banking products and services in a way that is cost-effective, secure, and easily adaptable.

Today, i2i is the country’s largest and fastest-growing Open Finance and banking-as-a-service network, connecting hundreds of financial institutions and community-based financial service providers spanning thousands of branches nationwide, including major remittance centers such as Cebuana Lhuillier, LBC, Palawan Express, and PeraHub across the country.

In a joint venture with Irish financial services technology giant Fexco, i2i Mobile ATM expands the reach of the i2i open finance network to over 1,500 new financial service providers and agents.

Open finance and inclusion even amid COVID-19

At the height of the COVID-19 pandemic in 2020, i2i was critical to a number of initiatives aimed at addressing the most immediate needs of customers resulting from various setbacks including limited transportation and widespread shutdowns of non-essential businesses. To make fund transfers more convenient for Filipinos, especially those most affected by the lockdowns, the i2i network expanded to include major remittance and payment centers across the country.

i2i Mobile ATM brought basic ATM services closer to communities while also providing an additional source of income to businesses especially in far-flung areas of the country. The service was so successful that usage volumes rose by over 3000% in the last six months of 2020.

i2i was also instrumental in UnionBank’s efforts to help the government provide financial aid to Filipinos affected by the pandemic through the Department of Social Welfare and Development’s Social Amelioration Program. Using i2i’s expansive network, UnionBank helped expedite the disbursement of funds under the second wave of the program, making it more convenient for beneficiaries while ensuring their safety.

Even as the country is now well on its way to full recovery, UnionBank and its fintech subsidiary UBX vow to continue leveraging the expansive i2i network and other innovations to help ensure that Filipinos are able to enjoy meaningful digital banking experiences wherever they may be in the country.

“We are doing everything we can to help ease the lives of Filipinos in these trying times. Expanding the open i2i platform to more financial institutions, fintechs, and digital applications makes it easier for everyone to transfer funds to one another, securely and conveniently,” said UnionBank President and CEO Edwin Bautista.

“With our ‘Tech Up Pilipinas’ efforts to promote wide-scale digital transformation throughout the country, we are confident that the Philippines will weather this crisis and emerge more resilient than ever to ensure the renaissance of our nation,” Bautista added.

Recognized all over the world

With i2i as a key component of its COVID-19 initiatives, UnionBank was named the second most helpful bank in Asia-Pacific during the COVID-19 crisis in 2020 and the #1 most helpful bank in the Philippines in 2021 according to BankQuality.com. This was based on a survey covering a total 11,000 respondents, with 1,000 each coming from China, Hong Kong, India, Indonesia, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam.

Aside from this, i2i has earned numerous other accolades from prestigious award-giving bodies within and outside the country, including the “2020 Best Digital Financial Inclusion Project” at The Asset Triple A Awards 2020; “Silver Anvil for PR Program Directed at Specific Stakeholders” at the 2019 Anvil Awards; and “Operating Model Master for the Philippines” at the 2019 IDC Digital Transformer Awards.

Through UBX and i2i, UnionBank has further solidified its position as a leader in the country’s digital banking and open finance space, a space that the bank has dominated for the past five years. With digital banking and open finance poised to continue their momentum beyond the pandemic, UnionBank will continue to utilize its superior digital banking capabilities to deliver innovation toward an inclusively prosperous Philippines.