Heed notices against fraud, group reminds consumers

SEVERAL business groups urged the public to be more vigilant when transacting online, reminding them to pay attention to notices and warnings by financial institutions about digital fraud.

In a statement over the weekend, a number of business organizations told consumers anew to never share online credentials and one-time passwords, in addition to avoiding clicking on bogus websites.

The consumers, at the same time, were also reminded that the financial institutions will never ask for such information as well.

“We strongly urge the public to heed these notices and warnings not only for their sake but also to preserve the stability and trust in our financial system, which are so essential for our journey towards economic recovery and normalcy,” the joint statement read.

The business groups were also pushing for an information drive that can help the public secure their digital identity and information. “With proper education and assistance from both the public and private sectors, the public at large can strengthen their defenses against these cyber criminals,” they said.

“It is also paramount that law enforcement agencies act swiftly in identifying, apprehending, and bringing these culprits to justice,” the statement noted. The groups urged the public and private sectors to work together in fighting cybercrimes in the financial system.

The joint statement was released at a time when online financial transactions are on the rise amid the accelerated shift to digital platforms as a response to the lockdown measures during this pandemic.

With more digital usage, heightened activity by cyber criminals were observed as well, the business groups noted. The group said cybercrime incidents could involve an amount of up to $6 trillion this year and could further increase to $10.5 trillion annually by 2025, citing an unregistered company allegedly headquartered in Northport, New York, that calls itself “Cybersecurity Ventures.”

According to the Philippine National Police Anti-cyber Crime Group, there were 869 online scams recorded from March to September last year, which is 37 percent higher than the 633 incidents registered during the same period in 2019.

Among the online scams are phishing, smishing and vishing, which target bank clients, credit card holders, online shopping and other users of digital financial services.

The statement was signed by American Chamber of Commerce of The Philippines, Inc., Bankers Association of The Philippines, British Chamber of Commerce Philippines, Canadian Chamber of Commerce of The Philippines, Cebu Business Club, Cebu Leads Foundation. Chamber of Thrift Banks, CIBI Foundation, Inc., Credit Card Association of the Philippines, Financial Executives Institute of the Philippines, Fintech Alliance PH, Fintech Philippines Association, Guild of Real Estate Entrepreneurs and Professionals, Inc. and Intellectual Property Association of the Philippine.

Other signatories include Investment House Association of the Philippines, Makati Business Club, Management Association of the Philippines, Philippine Bar Association, Inc., Philippine Center for Entrepreneurship, Philippine Chamber of Commerce and Industry, Philippine Life Insurance Association, Procurement and Supply Institute of Asia, Rural Bankers Association of the Philippines, Shareholders’ Association of the Philippines and Tax Management Association of the Philippines. According to the Bangko Sentral ng Pilipinas (BSP), phishing incidents were the top cybersecurity concern for banks and financial institutions last year.

The online scams, however, did not stop the consumers from completing transactions online, the Central Bank said. It noted that around 4 million digital accounts were opened through banks and non-bank electronic money issuers from March 17 to April 30 last year. Accounts opened per day averaged to 113,300 on April 16 to 30 last year, which showed a 39-percent increase from the previous month, it added.