Banks step up campaign vs cybercrime, online fraud

MANILA, Philippines — Banks continue to step up their information drive against cybercrime and fraud amid rising cases as the pandemic spurred  an increase in online usage and spending.

The Bank Marketing Association of the Philippines (BMAP) said it is launching the #FightFraudTogether information campaign to increase consumer awareness and vigilance as cybercriminals have evolved and reinvented scams in online shopping, payments and transactions, which are becoming more complex and harder to detect.

BMAP president Mike Villa-Real said banks continue to work together to create greater awareness  and teach  Filipinos  how to protect themselves from cybercriminals.

The #FightFraudTogether campaign involves a two-month campaign of sharing information about the common and most recent modus operandi of bank-related crimes across all banking channels.

Through this campaign, BMAP recognizes that fighting fraud is a shared responsibility among institutions, customers, regulators and associations.

“Everyone has a role to play in fighting fraud.  By showing a united front, banks are sending the message that cybercrime and fraud are serious issues,” Villa-Real said.

The country’s leading marketing and communication association in the banking industry said increased online usage and spending gave rise to cybercrimes and fraud cases involving various ways of scamming such as phishing, smishing, SMS scam and ransomware.

The Bangko Sentral ng Pilipinas (BSP) received around 20,000 consumer concerns in 2020, of which Banks... From B1

13 percent are reports of unauthorized and fraudulent transactions related to deposits, credit cards, e-money services and remittances.

Likewise, the Anti-Money Laundering Council (AMLC) also reported that fraud cases and unauthorized transactions made up almost 50 percent of suspicious transaction reports by covered institutions from March to August last year.

The group called on the public to always be vigilant, practice due diligence and to not be complacent when it comes to cybersecurity.

“Fighting fraud is a shared responsibility among financial institutions, customers, regulators and industry associations,” BMAP said.

It said that perpetrators are now more sophisticated, well- funded and organized.

To stay cybersafe, BMAP said the banking public should always check the legitimacy of the message or email they receive, protect sensitive information, do not panic and report the incident to the bank immediately, stay alert when making online payments to a bank, biller or merchant, create and use a strong password for all accounts as well as immediately report once their bank accounts or credit card get compromised.

The organization said banks and financial institutions are investing heavily in measures to increase the security of their online infrastructure and to ensure that their cybersecurity defenses remain robust.