QUEZON CITY (PIA) – As financial losses from fraud and scams continue to escalate, the Bankers Association of the Philippines (BAP) will continue to strengthen its partnership with the Department of Justice (DOJ) to generate action against cybercrimes.

“Through this memorandum of understanding (MOU), both parties are assured to be kept abreast of the latest developments in cybersecurity, to better protect the banking industry and the general public from fraudulent activities in cyberspace,” Justice Secretary Menardo Guevarra said during the virtual signing ceremony on Friday.

The agreement will provide a solid framework to strengthen the banking industry’s cyber-resilience and promote a genuine atmosphere of collaboration and alliance between the BAP and DOJ to the cyber response.

In the MOU, BAP will organize information campaigns, events, and activities to raise public awareness on cybersecurity and restraint financial losses through cybercrimes in the country.

One of the activities included in raising awareness is the free learning sessions that will orient DOJ personnel on the latest trends and development in cybersecurity.

“By providing them with information, this can be the basis for future legislation. So it is really the nature of the crime and the way technology affects this crime that it constantly transforms itself that requires this dialogue,” BAP cybersecurity committee vice chair Ramon Jocson said.

According to Jocson, the partnership also allows banks and the law enforcers to act similar to a 911 emergency response.

The BAP Cybersecurity Committee reported that in 2021, about P1 billion had been lost to cyberfraud in the country in terms of unauthorized withdrawals and illegal transfers. (JAFD/PIA-IDPD)