PH Has Most Number of Phishing Attempts in SEA Region

According to a study, among its Southeast Asian peers, the Philippines had the highest number of phishing attacks registered from February to April 2022. Out of these phishing attempts, 7 out of 10 or 68.95% are finance related. 

Credit cards, mobile payment apps, debit cards, and e-wallets made up for one out of two or 58.50% of the phishing attacks. 

These numbers are from cybersecurity company Kaspersky after it had blocked and identified the attempts from three categories namely payment systems, banks, and e-commerce stores. 

Compared to other Asian countries in the region, phishing attacks in the Philippines were noted to be higher. 

Indonesia followed the Philippines with 65.90%, Singapore with 55.67%, Thailand with 55.63%, Malaysia with 50.58%, and Vietnam with 36.12%. 

On the upside, Kaspersky’s data also recognizes that the Philippines had the lowest rate of phishing attacks on local banks at 2.17%. E-commerce-related phishing attacks in the Philippines were second-lowest in the region at 8.28%. 

According to Kaspersky General Manager for Southeast Asia, Yeo Siang Tiong, “Super Apps are mobile applications that combine all popular monetary functions, including e-banking, mobile wallets, online shopping, insurance, travel bookings, and even investments,” he also adds that “Putting our data and digital money in one basket can trigger an aftermath snowball, with the impact of a phishing attack swelling at an unforeseeable rate,”

Super apps are being used by traditional service providers and banks as a way of differentiating themselves in a saturated market. 

These financial institutions work with third parties in order to combine their services into one mobile app which then widens the attack surface, and consequently, allows more chances for malicious exploitation. 

Source: Manila Bulletin