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BancNet fortifies cybersecurity, pushes tech enhancements

BancNet fortifies cybersecurity, pushes tech enhancements
Electronic banking consortium BancNet Inc. is further fortifying cybersecurity measures as the banking sector leverages technology to enhance operational efficiency, detect fraud and improve customer experiences.

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BancNet Strengthens Cybersecurity and Technology Enhancements

In a bid to enhance operational efficiency, detect fraud, and improve customer experiences, BancNet Inc. is ramping up its cybersecurity measures. Newly-reelected BancNet president Fabian Dee emphasized that cybersecurity remains a top priority for the electronic banking consortium, highlighting the importance of safeguarding against potential threats and ensuring robust protection across their network.

Dee also reported that BancNet's net income increased by 11.9 percent to P110.93 million in 2023, with a return on equity at 9.9 percent. Meanwhile, BancNet chairman Nestor Tan underscored the importance of resilience, reliability, and credibility, stating that success in payments is about maintaining impeccable operational hygiene.

As of the end of 2023, BancNet had 113 members with a combined network of 26,482 ATMs and 545,489 point-of-sale terminals serving over one million active debit cards. Both Tan and Dee were given a fresh mandate to lead the company as chairman of the Board and president, respectively, for the term 2024-2025.

The Board also appointed other company officers and elected directors from various banking institutions to further strengthen BancNet's leadership and governance.