Security Bank improves fraud prevention, online safety

MANILA, Philippines — Listed Security Bank Corp. continued to improve fraud prevention and online safety as cybercriminals take advantage of the surge in digital transactions amid the   pandemic.

Celeste Lim, first vice presdent and head of the cards business development and operations group at Security Bank, said clients are assured of a BetterBanking experience whenever they go shopping with the NEXT Mastercard.

Results of a survey showed 61 percent of respondents said fraud prevention and online safety are among the concerns affecting how consumers pay for their purchases.

The newest credit card offering of Security Bank makes it easier for shoppers to pay for their purchases. Consumers will no longer have to worry about paying for big-ticket essential items such as tuition and other expenses that do not have a credit card facility with the bank’s SimplyPay service.

“The SimplyPay service is the ideal tool for customers who need to spend on essential items, yet may currently not have sufficient cash on hand. This is a payment method that allows shoppers to pay for purchases up to P500,000 to stores that do not have a credit card facility,” Lim said.

The NEXT Mastercard also helps address clients’ financial security concerns by automatically allowing them to pay all purchases above P5,000 in 12-month installments.

As an added protection, NEXT Mastercard customers are required to provide a one-time password they can use to validate their transactions each time they shop online.

“Millennials should see credit cards as a tool that they can use to increase their financial literacy. For example, they can use them to manage their budgets given they would have to strategize on how they are going to pay for their purchases.” Lim said.

In a study by data analytics company Nielsen, half of smartphone users in Asia-Pacific use their phones to check their bank accounts.

In addition, consumers also want more control over their banking experience, with 90 percent of them saying that there should be a consumer alert feature.

The ongoing digitalization of banking services has made it easier for Filipinos to apply for products such as credit cards.

When picking a new card, annual fees are the top consideration for Filipino consumers because these could eventually become costly in the long run.