SEC to Boost Fight Against Cybercrime

By Hans Doringo

In accordance with the government’s 12-point National Security agenda, which seeks to shield the country from cyber-attacks, the Securities and Exchange Commission (SEC) has signed a Memorandum of Agreement (MOA) with Cybercrime Investigation and Coordinating Center to strengthen efforts to combat cybercrime activities in the country.

The deal made between the Commission and the DICT’s cybersecurity arm during the virtual signing ceremony held last September 28 aims to build collaboration on programs, projects, and activities in accordance with Republic Act No. 10175, otherwise known as the Cybercrime Prevention Act of 2012.

“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 investment environment in the Philippines is safe from all of these perpetrators of investment fraud,” SEC Chairperson Emilio B. Aquino said, referring to the rapid increase of cyber-related crimes in the country.

Under the MOA, CICC pledge to provide technical assistance to the SEC through appropriate seminars, workshops, and training, aiding the Commission in executing its mandate against cybercrime prevention, suppression, and prosecution.

According to Aquino, “Through this MOA, the Commission can enhance our ability to adapt to more complex tools employed in fraudulent investment schemes so that we can implement adequate preventive measures to avoid grave and irreparable damage to the investing public and employ the necessary detection procedures to ensure the capture of bad actors.”

On that note, CICC Executive Director Cezar O. Mancao II called the partnership “another milestone in ensuring the safety of Filipino corporations around the globe.”

“Indeed, according to Cybercrime Magazine, cybercrime threats damage not only private life, but also cities and countries alike. Globally, cybercrime is estimated to inflict damages totaling 6 trillion US Dollars annually. As markets grow more global and complex, so does cybercrime and other misconduct online,” he added. 

Meanwhile, the SEC joined hands with CICC to share relevant information and data to support the latter’s programs, modules, and activities. Likewise, both agencies will also be involved in information sharing and information stewardship to promote public awareness on cybercrime prevention.

In a report made earlier this week, SEC issued an advisory, warning the public against dealing with Pogi Breeds International, a group of individuals that plays play-to-earn game Axie Infinity through soliciting investments from the public. This is in line with the SEC’s crackdown on fraudulent activities like the said investment scheme.(Read more: SEC Warns the Public Against Investing in Axie Operators “Pogi Breeds International”)

According to the findings published under the National Security Policy for 2017 to 2022, cybercrime is currently the fastest rising economic crime in the country.

This article is published on BitPinas: SEC to Boost Fight Against Cybercrime

Source: https://bitpinas.com/regulation/sec-to-boost-fight-against-cybercrime/