Due to the shift to digital transactions, online scams have also been on the rise. Security Bank advised the banking public to be wary of new cyberattacks to prevent being a victim of fraudulent activities that are recently gaining traction.
Many types of scams have emerged since the pandemic forced the public to stay at home and bank online.
Currently, there are three common forms of fraud that thieves commonly use. These are Phishing, Vishing and Smishing.
Phishing involves the sending of emails to bank clients by fraudsters who trick them into entering their personal information into misleading websites. These emails are strategically written in a way that causes clients to panic and reveal their banking details. Meanwhile, Vishing is a form of phishing that occurs over the phone wherein a fraudster pretends to be a bank representative and asks questions that lead unsuspecting clients to disclose their sensitive information. Lastly, Smishing is a technique where fraudsters use text messages with instructions that lure vulnerable clients into sending back their personal information.
“Since many individuals work from home, most of them use online or mobile banking. What happens now is fraudsters pretend to be bank representatives to steal personal information, or worse, authorize transactions through OTP sharing, among the few,” says Colin Dinn, EVP, Segment Head for Enterprise Technology and Operations at Security Bank.
In 2020, Security Bank saw a significant uptick in digital channel usage with month-on-month growth of 59%. Online money transfer transactions saw the biggest usage with the bank posting a 284% increase in the usage of its local remittance facility eGiveCash and a 51% increase in fund transfer transactions.
To help the public remain vigilant against the threat of various phishing scams, Security Bank shared tips on how to avoid cyberattacks.
• Be skeptical when an unknown caller starts asking for your personal information (e.g. full name, birthdate, SSS number, TIN, bank credentials, etc.)
• Don’t be afraid to ask questions that will give you a hint if the caller and the call itself are legitimate (e.g. “How did you get my contact details?,” “What is your agent ID number?” etc.)
• Don’t be easily persuaded. Fraudsters are trained to sound very convincing. They might even have researched about you and your personal background (family, friends, interests, etc.)
• To be sure that you are dealing with authorized representatives from Security Bank, contact the bank through the number on the official website and not the number provided by the caller.
• Refrain from posting your contact details and other personal information on social media.
• If skeptical with OTPs sent (ex. multiple OTPs), do not immediately key-in. Report to your bank before pursuing the transaction.
• Always remember that Security Bank will never ask for your One-Time PIN (OTP), Personal Identification Number (PIN), Card Verification Code (CVC, the 3-digit found at the back of your credit card or debit card), and passwords.
“We have ramped up our cyber awareness campaign on all of Security Bank’s social media platforms to consistently remind the public on how to avoid falling into the trap of fraudsters, hackers, and the like,” adds Dinn.
Security Bank encourages its banking clients to report suspicious activities by calling the Security Bank Fraud Hotline at 8-814-2664 or send a message on Viber at +63917-893-0111.