Digital Banking Users Warned of Proliferation of Cybercrimes

The rising cases of online fraud have prompted the Bankers Association of the Philippines (BAP) to caution bank customers as the prevalence of digital banking platforms continues to rise during the global pandemic.

“We ask the public to remain vigilant against these schemes,” explained the concerned organization as phishing attempts become more sophisticated to obtain vital information like passwords and account details from unsuspecting users. “Today, cybercriminals are creating more methods to defraud the public,” it added.

Just last year, during the first wave of the global pandemic, reports of suspicious transactions rose by 57% compared to the same period in the previous year, according to the Anti-Money Laundering Council (AMLC).

In an effort to better protect themselves from similar types of cybercrimes, users should regularly monitor communications from their financial institutions.

“We would like to remind the customers that banks regularly communicate the best practices that the public can utilize to ensure their cybersafety,” said the BAP.

“Ensuring everyone’s security in cyberspace must be a joint effort between banks and their clients.”

In response to the spike in fraud complaints, the Bangko Sentral ng Pilipinas (BSP) also tightened its regulations around credit card operations in 2020 as the digital transactions heightened.

Likewise, BSP Governor Benjamin Diokno has mandated banks to toughen up their information technology security, observe reliable risk management practices, and provide better precautions for users like multi-factor authentication when conductin transactions online.

Source: Inquirer