THE Bank Marketing Association of the Philippines (BMAP) announced the launch of an information campaign to increase consumer awareness and vigilance against cybercrime and fraud.
“The global pandemic spurred increased online usage and spending which also gave rise to cybercrimes and fraud cases involving various ways of scamming such as phishing, ‘smishing,’ SMS scam [and] ransomware, among others, as consumers shift to digital transactions,” a BMAP statement read. “Cyber criminals have evolved and reinvented scams in online shopping, payments and transactions that are becoming more complex and harder to detect. A social media savvy population makes the country vulnerable to cyber-attacks and fraud incidents.”
Citing the Bangko Sentral ng Pilipinas (BSP), BMAP said the BSP received around 20,000 consumer concerns in 2020, of which 13 percent are reports of unauthorized and fraudulent transactions related to deposits, credit cards, e-money services and remittances. It also cited an Anti-Money Laundering Council (AMLC) report that said fraud cases and unauthorized transactions made up almost 50 percent of suspicious transaction reports by covered institutions from March to August last year.
The BMAP said it is calling for the public to “always be vigilant, practice due diligence and to not be complacent when it comes to cybersecurity.”
“Fighting fraud is a shared responsibility among financial institutions, customers, regulators and industry associations,” the BMAP said in its statement.
“By working together, banks can create greater awareness so more Filipinos can learn how to protect themselves. Everyone has a role to play in fighting fraud,” BMAP President Miguel Angelo C. Villa-Real was quoted in the statement as saying. “By showing a united front, the banks are sending the message that cybercrime and fraud is a serious issue.”
BMAP said it recognizes that a major attack could shake the banking industry’s stability. Perpetrators can be more sophisticated, well-funded and organized.
The BMAP said it wants to assure the public that consumer safety and security are paramount and utmost priority of its member banks.
“Financial institutions are investing heavily in measures to increase security of their online infrastructure and to ensure that their cybersecurity defense remain robust,” the BMAP said. “Banks also regularly review and update policies and procedures to prevent and block cybersecurity threats and fraud attempts in the online and digital economy.”
The 47-year-old association said its campaign will start with a 2-month campaign sharing information about the common and most recent modus operandi of bank-related crimes across all banking channels.
“Through this campaign, BMAP recognizes that fighting fraud is a shared responsibility among institutions, customers, regulators and associations,” the group said in its statement.