Banking and Financial Services

PETNET and Western Union Business Solutions beef up anti-cyber fraud capability

Nikki Robas | May 30, 2017


In today’s interconnected world, technology plays an important role in how people conduct day-to-day business, and financial services is one of the industries that greatly benefit from the ease and convenience provided by these advancements. However, cybersecurity has always been a major concern in the widespread use of related technologies, and as such, organizations like Western Union and PETNET take the initiative to impart much needed know-hows to help clients avoid and prevent cyber fraud.

In line with this, Western Union Business Solutions (WUBS), in conjunction with PETNET, gathered its valued clients on May 24 at the Asian Institute of Management for an in-depth awareness training on cyber fraud. The team partnered with Bottomline Technologies and Maroev Cyber Systems Inc., to discuss the different kinds of cyber fraud, what to do when it happens and what to do to prevent it from happening.

The talk was attended by business owners, IT Heads and decision makers from the various clientele of WUBS.

“You need to be suspicious in dealing with online sites. One click can cost you millions of pesos or even dollars.”

-Erez Lugassi, Security Architect and Vice President for Business Development, Maroev Cyber Systems

Lugassi, the first guest speaker of the talk, has been in the Cyber Security industry for over 10 years where he was exposed to different cyber fraud cases. He is currently with Maroev Cyber System, a cyber defense consulting firm that provides solutions to protect the operations and information of companies.

Anat Doron, the second guest speaker, is the Vice President for Business Development for Europe, the Middle East and Africa & Asia-Pacific of Bottomline Cyber Fraud & Risk Management. She has more than 20 years of experience in the software industry, with a strong background of cybersecurity and fraud consultancy skills. She was also  responsible for initiatives around the world for anti-money laundering and privacy acts , payment fraud, SWIFT protection and insider threats.

“We hear people saying, it’s too expensive to buy this software and that software. But you need to always think of the ROI. Imagine how much you will lose if you did not invest in a P100,000 or P200,000 infrastructure, for example, and then you lose millions of pesos because of fraud. It is important to have a risk management in place,” Doron said.

Lugassi added, “You need to decide on your own that you want to mitigate the risks. Training your people is one thing. You don’t need to go far. Just take the best practices that are already in place.”

PETNET President Lorenzo T. Ocampo encouraged the attendees to always be informed of different threats to businesses. “I look forward to your support as we join hand in hand in making businesses safe, secure, worry free and profitable,” said Ocampo.

The event was organized by WUBS, PETNET’s Risk Management Department and Marketing.

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