As online fraud reaches unprecedented levels, Filipinos are reminded to stay vigilant
and strengthen their digital security—a key message
underscored by Safer Internet Day, an annual global movement advocating for a
safer and more responsible online experience.
According to the Cybercrime Investigation and Coordinating Center (CICC), cybercrime
complaints more than tripled in 2024, with 10,004 cases filed—a
staggering rise from 3,317 in 2023.1 These scams led to PHP198
million in total financial losses, highlighting the growing sophistication of
fraud, particularly consumer fraud and
online financial fraud, which
together account for 67% of all reported cases. Fraudsters continue to exploit
deceptive tactics such as fake online sales, impersonation scams, investment
fraud, and phishing to steal sensitive information like passwords and one-time
PINs (OTPs).
Recognizing the growing vulnerabilities of OTPs, the Bangko Sentral
ng Pilipinas (BSP) is pushing
for stricter security
regulations to strengthen the country’s financial cybersecurity framework. As
part of this effort, the BSP has proposed regulatory changes aimed at enforcing Republic
Act No. 12010,
or the Anti-Financial Account Scamming Act (Afasa), which was signed into law last year to combat financial cybercrimes. This includes requiring banks to continuously enhance
their security infrastructure, implement stronger authentication measures, and adopt more advanced
fraud detection systems
to stay ahead
of cybercriminals.
PSBank is reinforcing its commitment to
security through key enhancements to its PSBank Mobile app. Clients now have the ability to lock access to their
accounts on platforms they don’t usually
use, ensuring that their
PSBank accounts remain restricted to their preferred and regularly utilized
channels. They can also lock or unlock their ATM cards through the app,
providing an extra layer of protection against unauthorized transactions.
Beyond security, PSBank
Mobile continues to simplify digital
banking with a faster, more seamless account opening process, removing the waiting period
for verification and allowing customers
to open an account
with just one valid ID and a selfie. The app also offers zero initial deposit
requirements, real-time bill payments, RFID reloading for tolls, and lower
InstaPay transfer fees—ensuring that users can enjoy safe and hassle-free
banking.
While security systems evolve, vigilance
remains the most powerful defense against online fraud. To minimize risks,
users are encouraged to follow these key digital safety practices:
- Verify
sender identities – Always double-check emails,
messages, or calls claiming to be from banks
or government agencies. Scammers often impersonate trusted institutions.
- Avoid
clicking on suspicious links – Phishing scams rely
on fake websites that mimic legitimate platforms to steal login credentials.
Always access bank websites and apps directly.
- Use strong,
unique passwords – Avoid using the same password
across multiple accounts. Enable two-factor authentication whenever possible.
- Never
share banking credentials – Banks will never ask
for your PIN, OTP, or account details via email, text, or call. If someone
requests this information, it's likely a scam.
- Monitor account
activity regularly – Frequently check your bank statements and transaction
history for any unauthorized activity. Report suspicious transactions
immediately.
- Report
scams promptly –
If you fall victim to fraud,
contact your bank and
report the incident to the government’s 1326 cybercrime
hotline, available 24/7 to assist victims.
As cybercriminals continue to innovate,
fortifying your digital security is no longer just an option—it’s a necessity.
This Safer Internet Day serves as a strong reminder that while financial
institutions enhance their digital defenses, users must also remain proactive
and vigilant. Fraudsters may adapt, but with the right security measures and a well-informed digital banking community, Filipinos can continue
transacting online with confidence.
For more information on safe digital
banking practices and the latest news on the PSBank Mobile App, visit www.psbank.com.ph or follow PSBank on Facebook and Instagram.
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