Dennis Anthony Uy’s Converge teams up with UnionBank to fight online fraud

Converge ICT Solutions Inc. has teamed up with Union Bank of the Philippines to combat financial cybercrimes in the country.

The memorandum of understanding formalized the long-standing partnership between Converge and UnionBank, which have already been collaborating to block content and URLs of fraudulent activity since the start of the year.

Paulo Martin G. Santos, chief of Converge Network Transformation, said the company recognizes its role in creating a more secure digital ecosystem for both residential and commercial customers.

“Based on available data, we have seen a spike in financial fraud which makes banking the second highest industry affected by cybercrime. We now average over 4.1 million requests to block fraudulent URLs in our network. This makes our partnership today urgent and timely. We commend Unionbank for spearheading this initiative as we help prevent more Filipinos from being victimized by online fraud,” Santos said.

Converge and UnionBank, along with the Bankers Association of the Philippines, and the other telcos have partnered to create a framework to share information in order to combat financial cybercrime. Through this initiative, the capability of cybercrime perpetrators to exploit and manipulate the internet and financial technology will be minimized.