Business groups air concern on rising cybercrimes in PH

Published March 9, 2021, 6:30 AM

by Bernie Cahiles-Magkilat

Various business organizations have urged the public to heed warnings of  rising cybercrimes to preserve the stability and trust in the financial system, which are  essential towards economic recovery and normalcy.

In a joint statement, the 25 business groups cited the Philippine National Police Anti-Cybercrime Group report that 869 online scams were recorded from March to September 2020, higher by 37 percent compared to 633 incidents during the same period in 2019 and expected to rise further.

The rise in cybercrime was attributed to the shift of the public to the online platform for financial transactions grew in popularity because of modern technology and was further accelerated by the COVID-19 pandemic.

Phishing, smishing, vishing and other online fraud schemes target bank clients, credit card holders, e-wallet accounts, online shopping and other users of online financial services.  

 “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 group said in a statement.

The group also stressed that It is paramount that law enforcement agencies act swiftly in identifying, apprehending, and bringing these culprits to justice.

 “We call upon the public and private sectors to join forces in this fight against cybercrimes in the financial system,” the statement added.

The group reiterated a reminded to the public not to share online credentials, one-time passwords and most importantly, not to click on bogus sites.  They have also notified the public that they would never ask online for credentials and passwords.