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March 01, 2024

Visa introduces upgrades to PH’s cybersecurity strategy

Visa announced on Tuesday, Feb. 21, that it is upgrading and updating its existing cybersecurity blueprint for the Philippines.

According to Visa’s Jeff Navarro, Country Manager for the Philippines and Guam, they are introducing a series of payment security measures to “fight cybercrime, protect the payments ecosystem, and keep consumers and businesses safe” when transacting online and at physical retailers.

“Security is our highest priority and we invest heavily to preserve and enhance the security of every Visa transaction to ensure consumers and businesses are protected,” said Navarro in a statement on Tuesday.

He added that threats evolve together with the payments landscape.

Driving the adoption of secure technologies, securing digital-first payment experiences, ensuring ecosystem resilience, preventing enumeration attacks, enhancing the cybersecurity posture of ecosystem participants, and preventing consumers and businesses from falling for scams are all included in Visa’s updated security roadmap.

Visa said in its statement that it uses data-driven and artificial intelligence-based solutions to spot, analyze, stop, and prevent attacks on the global payments infrastructure.

It also provides strategic security expertise and comprehensive protection against emerging security threats.

Navarro said Visa is collaborating with its partners to further secure online payments in the country, as part of its $9 billion cybersecurity investments since before the pandemic.


Security Bank posts net income of PHP9.1 billion in 2023

Security Bank Corporation (PSE: SECB) posted net income of PHP9.1 billion in 2023. Total revenues grew 8% year-on-year to PHP43.0 billion. Net interest income increased 19% to PHP34.7 billion. Net interest margin for the full year was 4.49%, higher compared to 4.23% in 2022. Total non-interest income was at PHP8.2 billion. Service charges, fees and commissions grew 15% to PHP6.1 billion, led by increase in fees from credit cards, remittances (which include Instapay fees) and bancassurance.

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