Security Bank ramps up campaign against cybercriminals, fraudsters

MANILA, Philippines — Security Bank Corp. continues to ramp up its campaign versus cybercriminals and fraudsters through a massive information drive amid a rising number of incidents as more Filipinos shift to digital transactions due to mobility restrictions.

Security Bank noted a rise in the number of incidents where in cybercriminals are creating new ways to steal confidential data and profit off bank customers.

“With ongoing mobility restrictions brought about by the COVID-19 pandemic, more and more people rely heavily on digital transactions. This has spurred increased online usage and a growing preference for cashless payments,” the bank said.

BSP Governor Benjamin Diokno earlier said the global health crisis has served as a catalyst for digitalization as more Filipinos shift to electronic channels to do their financial transactions.

Security Bank said the rising incidents of cybercrimes underlines a stronger need for a unified effort between the public and private sector to fight cybercriminals and fraudsters.

The bank continues to drive awareness to protect its customers against various forms of fraud attacks in support of the #FightFraudTogether information campaign of the Bank Marketing Association of the Philippines (BMAP).

Security Bank said the most common types of scams to look out for include phishing, wherein cybercriminals pretend to be a bank employee and emails customers who are then prompted to click on a link, leading them to a fraudulent website where they can enter data such as account or credit card number, online banking details, and a one-time password (OTP).

The bank also cited fund transfer scams such as the InstaPay and GCash fund transfer scams wherein fraudsters send phising emails disguised as fund transfer notifications or online banking emails.

“Scams like this work by telling customers they paid a certain amount to an entity. Those who are unaware of this scam are then tricked into clicking the link provided to them and entering their confidential information. Those links may direct you to a fake bank website designed to steal data and money,” Security Bank said.

When using a computer, Security Bank said one tip is to hover over the link or button for a preview of the actual URL provided in the email before clicking and pursuing a transaction.

“While these are the most common scams online, there are other scams customers should be aware of,” the bank said.

The listed bank said clients should not give sensitive data to anyone under any circumstances, examine the email, texts or calls they receive, verify the claims, and follow only official channels like websites and Facebook pages of banks.

The Bankers Association of the Philippines is pushing for stiffer sanctions against cyber criminals amid the sharp increase in online fraud.

The banking sector is urging Congress to pass House Bill 9651 or the Bank Account and E-Wallet Regulation Act to protect the country’s financial system from online fraudsters.