THIS year's General Membership Meeting of the Philippine Finance Association (PFA) zeroed in on the critical topics of cybersecurity and fraud prevention. Held at One Shangri-La Place in Mandaluyong City on June 27, the event drew significant attention from industry leaders and finance professionals eager to explore and address the challenges posed by the increasing sophistication of cyberthreats and fraud. Themed "Cybersecurity, Fraud Prevention and Detection: New Realities We Face Today," the gathering underscored the urgent need for strong security measures within the financial sector.
PFA President Eillen "Apples" Mangubat, who is also the president of Asialink Finance Corp., played a pivotal role in steering the discussions. "In this era of digital transformation, we recognize the critical importance of protecting our financial systems and the data entrusted to us," Mangubat said. She emphasized the necessity for financial institutions to adopt advanced cybersecurity measures to safeguard sensitive information and maintain client trust.
The event featured renowned keynote speakers who shared their expertise on data protection and best practices in combating cyberthreats. A series of lectures and panel discussions covered a range of topics including risk management, regulatory compliance and the integration of artificial intelligence in cybersecurity.
One of the key highlights was the presentation by Vaibhav Khandelwal, director of fraud prevention of Asia-Pacific at Group-IB, from Singapore. He discussed the latest techniques in threat detection and response, offering valuable insights into the evolving landscape of cybercrime. "Financial institutions must stay ahead of the curve by continuously updating their security protocols and investing in the latest technology," he said.
Meanwhile, Clint Wills, an expert with global technical and business experience in credit and fraud risk management and compliance, and currently the managing director of Ingenuous, delivered an engaging presentation on the importance of integrating compliance into daily operations. Wills stressed that effective fraud risk management goes beyond technology; it requires a culture of vigilance and adherence to regulatory standards. "Compliance is not just a checkbox; it's a mindset that must permeate every level of an organization," he stated.
Cesar Santos Jr., the managing director of the Bankers Association of the Philippines Data Exchange (BAP-DX), outlined the critical role of data sharing and collaboration in combating financial fraud. Santos highlighted the successes of the BAP-DX in fostering a secure and efficient exchange of information between banks, which has been instrumental in identifying and mitigating fraudulent activities. "Data exchange and collaboration among financial institutions are pivotal in staying ahead of fraudsters and protecting our financial ecosystem," he said.
The event also featured a collaborative discussion where keynote speakers addressed questions from participants and shared their experiences and strategies in mitigating cyber risks. This peer-to-peer exchange underscored the importance of industry-wide cooperation in the fight against cybercrime. "No single entity can combat these threats alone; it requires a united front," said Mangubat.
As a key stakeholder and partner of PFA for over a decade, Asialink has actively supported the association's activities and initiatives. Contributing valuable insights and best practices to the conversation on cybersecurity and fraud prevention. "At Asialink, we prioritize educating our employees about these threats and continuously upgrade our cybersecurity measures to protect our organization's data and maintain our clients' trust," she said.
Mangubat concluded the event with a call to action for all financial institutions to prioritize cybersecurity. "We must be proactive, not reactive, in our approach to cyberthreats. By working together and staying vigilant, we can protect our industry and the millions of Filipinos who rely on us."
The 2024 General Membership Meeting of the PFA not only provided valuable knowledge and tools to its members but also reinforced the collective responsibility of financial institutions to safeguard the sector against the ever-present danger of cyberthreats. As the financial landscape continues to evolve, events like these are crucial in ensuring that the industry remains resilient and secure.
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