UnionBank Signs Data Sharing Agreement with Globe

UnionBank and Globe have recently signed an agreement that would enable data sharing if required for any investigation of online scams. The initiative aims to boost measures against scammers who prey on financial clients. 

Through the agreement, Globe will disclose to UnionBank the personal information about mobile numbers potentially used by fraudsters, this include names, addresses, and contact details. This action is meant to further help in online banking fraud investigations as well as aid Globe detect illicit activity within its network.

Likewise, UnionBank will also share relevant information necessary to pursue investigations in accordance with the Data Privacy Act and the Data Sharing Agreement.

In an online news briefing last March 24th, Globe Chief Privacy Officer Irish S. Almeida noted that before the Globe-UnionBank partnership, a subscriber must first ask a law enforcement agency or court to get information about a suspected scammer account, which could take months. 

“That takes quite a while, and sometimes the subscribers just give up, and they don’t pursue it anymore… With this, we’re going to be helping our subscribers really protect themselves from criminals.” – Irish S. Almeida,  Globe Chief Privacy Officer

Moreover, Almeida mentioned that Globe has blocked about a billion spam messages and deactivated more than 5,000 mobile numbers that were discovered to have been involved in fraud schemes. 

 “We could warn our customers about these potential scammers,” expressedJose Paulo G. Rufo, UnionBank Chief Information Security Officer, in identifying fraudulent customers who hide behind prepaid mobile numbers.

With the combined data obtained, the two financial firms can monitor activities in their platforms such as usage patterns and mobile activities of scammers. Globe and UnionBank assure that whatever the result of this monitoring system will be forwarded to law enforcement agencies who will then investigate the matters further.

Last year, UnionBank have been involved with the “Nagoyo” scam where BDO accounts were hacked by a scammer named “Mark D. Nagoyo”, who has multiple UnionBank accounts, the cybercriminal stole up to P25,000 thousand to P50,000 pesos per account. (Read more: Crypto Community Reacted to BDO Hacking Incident)

Regarding crypto, both UnionBank and Globe reminded the public that their platforms can be used to buy, sell, and transact cryptocurrency through crypto exchange Binance and other marketplaces.

In an interview with BitPinas, Arvie de Vera, Senior Vice President & Head, Fintech Business Group at UnionBank and now CEO of UnionDigital, assures that the bank will continue to serve the cryptocurrency community in the Philippines. He also guaranteed that UnionBank is still the most crypto-friendly bank in the country. (Read more: UnionBank Assures It’s Still the Most Crypto-Friendly Bank in the Philippines Amidst Reports of Account Closures on Social Media)

De Vera also disclosed with BitPinas during a webcast that it plans to offer cryptocurrency trading and custodial services, and announced that it will be using the cryptocurrency safekeeping technology from IBM and Swiss custody specialist Metaco. 

Globe, on the other hand, cleared that currently they only “enable users to conveniently buy cryptocurrency or crypto, a digital or virtual currency that is secured by cryptography, at very affordable rates across popular crypto exchanges such as Binance, Philippine Digital Assets Exchange (PDAX), and Paxful” but there is still no crypto inside the platform yet. (Read more: GCash Media Blasted Something CryptoPH Already Knows | BitPinas Weekly Recap March 21, 2022)

This article is published on BItPinas: UnionBank Signs Data Sharing Agreement with Globe

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.