Globe Labs intensifies drive against fraudulent activities
Offers solutions to address connectivity gaps and security challenges in Philippine banking industry
July 22, 2015
Globe Labs, the developer community of digital lifestyle leader Globe Telecom, is stepping up its drive to combat fraud by offering solutions to help address the connectivity gaps and security challenges in the Philippine banking industry.
This is in response to the growing threat of fraudulent activities such as phishing attacks which often target bank customers who have online accounts. While usernames and passwords are supposed to be confidential, such sensitive information sometimes fall into the wrong hands, thus, making it imperative for customers to use another form of authentication to thwart unauthorized access to their accounts.
Thus, Globe Labs introduced the Sponsored Access Solutions (SAS) and Telco APIs (application program interface) during the recent ASEAN Financial Institution Conference (ASEANFIC) 2015 at Makati Shangri-la Hotel. The event was organized by SecureMetric Technology Inc. to provide deeper understanding on banking and financial issues and concerns as well as to share technology information that will benefit companies operating in the said field.
Armando L. Encarnacion, Jr., Business Development Manager for Globe Labs said that through Globe Labs Telco APIs, banks will be able to leverage on additional security layer for customers' online transactions. Globe Labs, for instance, can provide one-time passwords (OTPs) that will be sent to the registered mobile phone number to complete the login process. The OTP is unique with every login and expires after a few minutes.
On the other hand, Encarnacion said solutions like SAS would be able to bridge the gap of internet connectivity or data access for consumers. "Globe Labs' capabilities make it possible for businesses such as banks to create more value for their customers through self-serving tools or apps to increase usage, branding, and eventually result in higher customer retention. With our participation in ASEANFIC 2015, we hope to position Globe Labs as an enabler as well as an innovative arm of Globe Telecom, thus, put our business at the forefront of the banking industry," he said.
"Although this is our first time collaborating with Globe Labs for this event, I am very impressed by the professionalism that the Globe Labs team has shown. The efficiency and integrity presented by them were second to none. I hope that there will be more areas that we can partner with towards mutual growth of both companies," said SecureMetric Chief Executive Officer Edward Law.
As e-commerce and mobile banking continues to grow in South East Asia, banks in the region are realizing the need to assess how new technology will impact their overall business while ensuring that their business remains competitive and secure.
Thus, ASEANFIC 2015 brought together the most experienced people in the business to talk about how they became successful by embracing change and delivering great customer experience through modern payment solutions, advanced channel mix and commitment to delivering high quality service, among others.