MANILA, Philippines — Global payments company WorldRemit is further strengthening its cyberdefenses through collaborations with experts and other stakeholders to protect the hard-earned money of overseas Filipino workers (OFWs).
WorldRemit country director Earl Melivo said the company ensures that international remittances are not just convenient and accessible for customers, but most importantly, safe and secure amid rising cases of cyberfraud incidents in the Philippines.
“We take cybersecurity very seriously and understand many of the tricks and techniques behind some of the most popular scams,” Melivo said.
Additionally, WorldRemit regional director for compliance in Asia Pacific said the global payments company collaborates with other industries and companies to share best practices and information in order to better watch over the financial transactions it processes.
“The international remittance space is exposed to several key risks, including money laundering, fraud, terrorism financing, and sexual exploitation, so working with other leading bodies to combat this is essential,” Dry said.
In an age where online financial transactions are becoming the norm, Filipinos are increasingly using online banking services and mobile wallets. While the convenience that digital payments offer is unparalleled, making transactions and receiving payments online also comes with the risk of cybercrime.
“Technology helps us understand and detect the known patterns of suspicious behavior signaling the misuse of a customer account when sending money is the priority,” Dry added.
To keep Filipinos’ hard-earned money safe, WorldRemit continues to put its customers’ security at the core of its business, making sure that they can send and receive money without worry.
According to the Bangko Sentral ng Pilipinas’ (BSP) cyber threats surveillance, the top three types of cyber incidents reported in the Philippines last year were phishing, “card not present” fraud, and identity theft.
To counter cyberattacks, the BSP has published a memorandum on Recommended Control Measures Against Cyber Fraud and Attacks on Retail Electronic Payments and Financial Services.
The memorandum provides recommendations to eliminate possible exploits, increase notifications to alert people of cyber threats, and strengthen protocols.
To make sure its customers’ money is protected, WorldRemit has taken a proactive stance towards prevention.
For instance, it refuses to work with correspondent partners who lack effective controls for combatting fraud and financial crime, and we implement additional risk based controls for customers who need to send to destinations where there is an elevated money laundering or terrorism financing risk.
WorldRemit currently sends from 50 countries to recipients in 130 countries, operate in more than 5,000 money transfer corridors worldwide and employ over 1,200 people globally.
The BSP sees OFW remittances growing by four percent to hit new record levels this year.