Card lock,

For its part, RCBC also said that the new feature stands as a fresh layer of security versus cyber threats, especially with online payments and e-commerce consistently on the rise. Access to the lock-unlock feature is included in RCBC’s Online Banking account, which currently serves around 300,000 users nationwide.

Bangko Sentral ng Pilipinas (BSP) Governor Nestor A. Espenilla, Jr. has tagged rising cybersecurity threats as a concern for the central bank, as he acknowledged that greater use of digital platforms meant greater efficiency and wider financial inclusion.

Earlier this year, the BSP required banks to adopt a multifactor authentication system, which was a way to tighten standards on client verification. Eyed in full swing by October, the new rule requires banks to confirm a client’s identity using at least two different methods before a person can proceed in making high-value fund transfers or payments.

Among the most common ecommerce transactions are bills payment, online shopping, purchase of airline tickets, and hotel bookings, according to BSP Circular 958 issued in April. Financial firms must adopt “more stringent security controls” for such deals to deter fraudsters from stealing money.

Shares in Security Bank closed at P245 apiece on Monday, down P2.40 or 0.97% from the previous session’s finish.

Meanwhile, RCBC shares finished at P 50.20 each, dropping 35 centavos or 0.69%.