CICC, PayMongo step up collaboration to protect vulnerable SMEs
The Cybercrime Investigation and Coordinating Center (CICC) will closely collaborate with leading digital financial service PayMongo Philippines, Inc. to protect small and medium enterprises (SMEs) from cybercrime within the next five years.
CICC Executive Director Alexander K. Ramos and PayMongo President and Chief Executive Office Elmer M. Malolos signed the Memorandum of Agreement (MoA) recently at the National Cybercrime Hub in Bonifacio Global City in Taguig City.
“This MoA means that you have a commitment to work with us closely,” Mr. Ramos reminded PayMongo officials.
“We will also provide support to PayMongo in addressing cybercrime incidents involving their stakeholders, including clients, executives, and employees,” he said.
Mr. Ramos emphasized that CICC partners, including both in the government and private sectors, have important roles in the successful prosecution and conviction of cybercrime suspects.
Mr. Malolos welcomed the signing of the MoA and emphasized that the fintech sector is the most vulnerable to cybercrime.
“We are planning to educate our merchants about financial literacy to help them grow their business and also as added protection,” he said.
“We are proposing that financial literacy for SMEs must include cybercrime awareness,” Mr. Malolos added.
PayMongo has 15,100 merchants as of July 2024. It has been receiving an average of 20 complaints per month related to scams.
Based on the MoA, CICC and PayMongo will collaborate in anti-cybercrime programs and campaigns, assistance in the investigation of cybercrimes, and in improving linkage with other agencies.
Both parties, however, have agreed to respect confidentiality and data privacy in the implementation of the collaboration or cooperation.
The CICC is an attached agency of the Department of Information and Communications Technology (DICT). It was created by virtue of Republic Act 10175 or the Cybercrime Prevention Act of 2012 and is the country’s lead agency in the prevention and suppression of cybercrime.
PayMongo was established in May 2019 by a group of software engineers and entrepreneurs. As of July 2024, its total transaction volume has reached 2.4 million valued at P2.5 billion.
Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by publishing their stories on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.
Join us on Viber at https://bit.ly/3hv6bLA to get more updates and subscribe to BusinessWorld’s titles and get exclusive content through www.bworld-x.com.