The Philippine Finance Association (PFA) held a General Membership Meeting in Mandaluyong City to discuss the increasing sophistication of cybersecurity threats and fraud. The event, titled “Cybersecurity, Fraud Prevention, and Detection: New Realities We Face Today,” highlighted the urgent need for robust security measures in the financial sector. Keynote speakers discussed data protection, risk management, regulatory compliance, and the integration of artificial intelligence in cybersecurity. The event highlighted the importance of collaboration among industry leaders.
“In this era of digital transformation, we recognize the critical importance of protecting our financial systems and the data entrusted to us,” said Asialink Finance Corporation’s President and COO, Eillen “Apples” Mangubat, who currently serves as the President of PFA. “Adapting technological advancements to enhance cybersecurity is crucial for protecting sensitive information and maintaining trust,” Mangubat said, urging all financial leaders to prioritize the need for more secure systems.
One of the key highlights was the presentation by Vaibhav Khandelwal, Director of Fraud Prevention of APAC at Group-IB from Singapore. He discussed the latest threat detection and response techniques and advised updating security protocols and investing in the newest technology.
Clint Wills, a global business tech expert, said that effective fraud risk management goes beyond technology, requiring a culture of vigilance and adherence to regulatory standards. Moreover, Cesar C. Santos Jr., the Managing Director of the Bankers Association of the Philippines Data Exchange (BAP-DX), 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.
As a critical stakeholder and partner of PFA for over a decade, Asialink Finance Corporation’s Eillen Mangubat has actively supported the association’s activities and initiatives. She believes that combatting these threats requires a united front. The company focuses on educating its employees about best practices in data protection through regular workshops and training sessions. Asialink ensures its employees are well-equipped to handle cybersecurity challenges, highlighting the company’s commitment to protecting its clients and ensuring the integrity of its operations.
“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 client’s trust,” as Mangubat emphasized, Asialink’s dedication to cybersecurity extends beyond technological solutions. “We must be proactive, not reactive, in our approach to cyber threats. By working together and staying vigilant, we can protect our industry and the millions of Filipinos who rely on us,” said Mangubat, as she concluded the event with a call to action for all financial institutions to prioritize cybersecurity.
