RCBC partners with Gogolook to tackle cyber fraud

RIZAL Commercial Banking Corp. (RCBC) and Gogolook have entered into a partnership to combat the proliferation of scams on digital financial platforms. The agreement was formalized at the RCBC Collaboration Hub, AT Yuchengco Centre in Taguig City.

ADVANCING CYBER SECURITY (From left) Arniel Vincent Ong, president and CEO of Rizal Commercial Banking Corp. (RCBC) Bankard Services Corp.; Lito Villanueva, executive vice president and chief innovations and inclusion officer of RCBC; Man Woo Joo, chief operating officer of Gogolook; and Mel Migriño, Gogolook Southeast Asia regional director for Information Security and Alliances and Philippine Country head. PHOTO FROM RCBC

Gogolook, a Taiwanese TrustTech company, will be assisting RCBC in enhancing the security features of its digital application to protect consumers from online fraud, scams, and high-risk transactions that may compromise their financial well-being.

The memorandum of understanding was signed by Man Woo Joo, chief operating officer of Gogolook; Lito Villanueva, executive vice president and chief innovations and inclusion officer of RCBC; Mel Migriño, Southeast Asia regional director for Information Security and Alliances and Philippine Country head; and Arniel Vincent Ong, president and CEO of RCBC Bankard Services Corp.

Information Security and Regulatory Alliance members also graced the momentous signing between the bank and the TrustTech company.

Both Villanueva and Joo expressed optimism about the partnership's outcomes. The Philippines continues to combat the rise of online fraud, following the boom of digital banking and finance.

"At RCBC, we recognize that as digital financial services continue to evolve, so do the threats that come with them. Gogolook's cutting-edge [artificial intelligence-driven] fraud detection, risk management solutions, and scam prevention tools align seamlessly with RCBC's vision of fostering a safer, more inclusive digital economy," Villanueva said.

"If you look at the Scam Journey, the banks are the last mile of the scamming [process]. Collaborating with banks is crucial. When we have this partnership in other countries, we emphasize education and sharing our tool to protect people from scam sites. This is not just a small business agreement. This is a step toward a much bigger impact on the Philippine banking industry," Joo said.

The Cybercrime Investigation and Coordinating Center (CICC) reported a surge in cybercrime complaints in 2024, three times higher than the number recorded in 2023.

RCBC has been at the forefront of raising awareness and empowering the public to identify, avoid, and combat cybersecurity threats by supporting campaigns such as "Wag Magpaloko, Maging Scam Alerto" by the Fintech Alliance.PH.