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Globe, Home Credit Collaborate to Combat Financial Scams
Leading digital solutions platform Globe has reaffirmed its dedication to fighting financial spam and scams by entering into an agreement with Home Credit, a top consumer finance firm in the Philippines.
This agreement follows partnerships Globe has inked with various major banks and financial institutions, which aim to address the rising volume and intricacy of financial crimes, identity theft, phishing, spam and scam SMS, among others which significantly affect customers and key industry stakeholders.
Through the partnership, Globe and Home Credit expect to enhance their capacity to respond to financial fraud and scams while developing measures to prevent future occurrences. This includes sharing relevant information and a collaborative approach to investigating fraud cases, all in strict compliance with existing laws, rules, and regulations.
"As a leading digital solutions platform, Globe is fully aware of the detrimental effects of spam and scam texts and other forms of fraud on our customers and stakeholders. Our partnership with Home Credit is a clear demonstration of our unwavering commitment to combating these malicious activities. By working together and taking proactive measures, we aim to prevent such incidents to safeguard our customers' interests,” said Globe Chief Privacy Officer Irish Salandanan-Almeida.
"With the rising incidence of text and other mobile-related scams, Home Credit leads the charge in fighting security and data breaches to help protect Filipino users falling victim to scams. Through our #SIMguradoAko campaign, we at Home Credit urge all mobile users to register their SIM before the deadline. Our partnership with Globe further strengthens our commitment to helping the government with their goal of adding an extra layer of security and protection that benefits all Filipinos," shared Home Credit Philippines' Chief Compliance Officer Rejyl Siang.
Prior to signing the agreements with BAP and Home Credit, Globe established partnerships with major commercial banks and online retailers in the Philippines. The partners are equipped with a direct and 24/7 communication channel to report incidents of fraud, which are then promptly investigated and prevented by Globe.
Globe's heightened efforts to combat fraud have yielded significant results, with 85 million bank-related spam messages blocked from January 2022 to January 2023. In just the first three months of this year, the figure rose to 4.07 million, 2.7 percent higher than the 3.97 million blocked during the same period last year.
As the digital marketplace grows, it exposes non-suspecting digital users to a wider range of attacks by fraudsters. This prompted Globe to intensify its efforts to safeguard its customers from such threats. The company has launched several initiatives, including the #StopSPAM portal, which is easily accessible to both customers and employees for reporting incidents of spam and scam SMS and other forms of fraud.
Globe has made significant investments in tools and channels to improve the reporting of spam and scam SMS both internally and externally. The company has spent approximately $20 million to enhance its SMS detection and blocking system, which operates round-the-clock via its Security Operations Center. This system filters out unwanted messages, including domestic and international app-to-person and person-to-person SMS.
To further boost awareness and help customers protect themselves, Globe regularly shares relevant information on fraud, cybersecurity, and data privacy via social media advisories.