BAP warn public vs surge in online fraud

The Bankers Association of the Philippines (BAP) has issued a public warning against the rising incidence of cybercrimes and online fraud in the country, especially phishing which are deceptive emails to trick bank clients into divulging passwords or account numbers.

The public advisory was a stronger call for financial customers to keep vigilance and to be more alert against online fraud.

“Cybercriminals are creating more methods to defraud the public (and) we would like to remind the customers that banks regularly communicate the best practices that the public can utilize to ensure their cybersafety. We call on everyone to be aware of these reminders and apply them so that cybercriminals will fail in their attacks,” said the BAP.

The BAP also said banks are investing heavily to protect the personal data of their customers and are assuring its clients that they are implementing “rigorous protocols” in investigating cybercrimes to apprehend and penalize cyber criminals.

“Ensuring everyone’s security in cyberspace must be a joint effort between banks and their clients,” the group said

The Bangko Sentral ng Pilipinas (BSP) has processed 12,000 consumer complaints via regular channels and the chatbot BOB or BSP Online Buddy in the first half of the year.

BSP Governor Benjamin E. Diokno said that of the 12,000, only three percent or 358 concerns were related to debt collection, debt restructuring of loans or credit card accounts. Around 31 percent were resolved in favor of the consumer.

Diokno said concession given by banks to their clients include waiver, or reduction of fees, interests or penalties, implementing a more favorable payment scheme, providing options especially for payments made through post-dated cheques, and auto debit or auto deduct arrangements and granting extension or adjustment of loan maturity.