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Philippine Banks Want More Laws as Cybercrime Losses Mount

The Philippines’ biggest bankers’ group boosted cooperation with the government and sought new laws against cybercrime, as losses due to these illicit activities hit 1 billion pesos ($19.6 million) during the pandemic. 

The Bankers Association of the Philippines signed on Friday a memorandum with the Department of Justice to bolster information-sharing and collaboration against cybercrimes. The bankers’ group will also organize more information campaigns on cybersecurity.