SEC joins fight vs cybercrime

MANILA, Philippines — Cybercrime is currently the fastest rising economic crime in the country, according to the Securities and Exchange Commission.

To help fight this growing economic crime, the SEC has partnered with the cybersecurity arm of the Department of Information and Communications Technology to intensify efforts to prevent and suppress cybercrime activities in the country.

SEC chairperson Emilio Aquino said the modern-day investment scammer now makes use of information technology and social media to hide their identities and avoid arrest and prosecution.

“As champions of investor protection, it is the SEC’s mandate to ensure that the investment environment in the Philippines is safe from all of these perpetrators of investment fraud,” Aquino said during a virtual signing ceremony last week for a memorandum of agreement (MOA) with the Cybercrime Investigation and Coordinating Center (CICC).

Through the MOA, the SEC can enhance its ability to adapt to more complex tools employed in fraudulent investment schemes.

Aquino said the SEC can implement adequate preventive measures to avoid grave and irreparable damage to the investing public.

CICC executive director Cezar Mancao II said cybercrime damages not only private life, but also cities and countries alike.

“Globally, cybercrime is estimated to inflict damage totaling $6 trillion annually. As markets grow more global and complex, so does cybercrime and other misconduct online,” Mancao said.

This is expected to reach $10.5 trillion in 2025, according to global think tank Cybersecurity Ventures.

In the Philippines, a total of 4,852 cybercrime complaints were investigated by the Philippine National Police (PNP) Anti-Cybercrime Group.

Out of which, 250 cases were filed in court thru regular filing, 77 cases filed thru inquest, 2,110 were resolved thru other means ,while 2,507 are still under investigation.

Under the agreement, the SEC will coordinate with and provide CICC with relevant information and data to support the latter’s programs, modules, and activities.

The SEC will likewise coordinate with the CICC on information sharing and information stewardship to promote public awareness on cybercrime prevention.

The CICC, meanwhile, will provide technical assistance to the SEC by conducting the appropriate seminars, workshops, and trainings that would capacitate the commission in cybercrime prevention, suppression and prosecution.

Authorities said computer-generated cyber-attacks could cause massive crises in the country’s economy, banking and financial institutions, communications and other critical infrastructures.