Maya tightens defenses amid cyber threats

Maya tightens defenses amid cyber threats | Daily Tribune

Maya Philippines Inc. and Maya Bank Inc., the regulated entities behind the Maya finance platform, are doubling down on cybersecurity as digital crimes continue to escalate across the financial sector.

The company said over the weekend that it has renewed its ISO 27001 certification for information security management and ISO 27701 certification for privacy data protection — globally recognized standards that validate resilience against cyber threats.

“At Maya, security is central to every product we design, putting protection directly in our customers’ hands,” Maya Group Chief Information Security Officer Dr. Ken Baylor said. “ISO 27001 and 27701 confirm that discipline — it means our customer data is protected to global standards and our in-built trust scales with our technology.”

Maya remains the first digital bank in the Philippines to secure and maintain both certifications.

The renewal comes as the financial sector faces what regulators describe as a “coordinated wave” of cybercrime.

Fraud syndicates are targeting digital banking apps and e-wallets with increasingly sophisticated tactics, prompting urgent warnings over phishing, mule account recruitment, and large-scale credential theft that threaten to derail the country’s digital finance momentum.

To keep its defenses ahead of evolving threats, Maya said its cybersecurity framework is aligned with both local and international regulations, including the Philippines’ Data Privacy Act of 2012 and the European Union’s General Data Protection Regulation.

It also holds Payment Card Industry Data Security Standard certification for securing payment transactions and was previously named Privacy Initiative of the Year by the National Privacy Commission in 2022.

“Security shouldn’t just work hard in the background. Customers must be able to take direct security actions so they feel in control,” Maya Group President and Co-Founder of Maya Bank, Shailesh Baidwan, said. “Maya’s approach makes protection tangible for customers. That shift is critical given fraud is rising globally and customer confidence and trust are key.”

Maya’s in-app Security Center equips users with real-time account protection tools. Customers can freeze cards instantly, set spending and transfer limits, and monitor or disconnect linked devices. Behind the scenes, AI-driven fraud detection continuously scans for suspicious activity.

But Maya said security is not just a tech issue — it is also a community responsibility. The company has expanded its digital safety education efforts through its Scam Patrol campaign and is working with government and industry leaders on broader anti-fraud initiatives.

It is a member of the PROTECTA PILIPINAS fintech coalition alongside the Cybercrime Investigation and Coordinating Center, Department of Information and Communications Technology, Philippine National Police, Securities and Exchange Commission, and major telecommunications firms.