CIMB Bank PH invests in the latest cyber security technology to protect its 6m customers

Published December 2, 2022, 4:36 PM

by MB Technews

CIMB BANK Philippines, Inc. (CIMB Bank PH), the country’s fastest growing digital bank, is fortifying its services by protecting its six million customers from cyber threats on all fronts.

CIMB Bank PH has made significant investments in latest fraud management solutions and technologies and requires all of its employees to take training on various security and cyber fraud topics, aside from its regular cybersecurity education drive.

“We take cybersecurity very seriously. In fact, we have made significant investments in fraud management solutions to detect possible fraud transactions and block those in real-time wherever necessary,” said CIMB Bank PH Chief Technology Officer Eric C. Concepcion.

Investing in latest solutions, technologies

Equipped with latest technologies, CIMB Bank PH can notify customers every time there is a change to their banking details or if a transaction is being performed. The digital lender also runs a 24/7 contact center to answer customers’ concerns and manage possible fraud incidents.

CIMB Bank PH is also utilizing the latest encryption technology in the market to ensure customer data is never compromised when the bank transfers data between its systems.

“Security is everyone’s business. We fight cyber threats on two fronts. Aside from investing in the latest fraud management solutions and ensuring staff are well trained in cybersecurity, we also fight cyber threats through customer education,” said Mr. Concepcion.

Running regular information campaigns

CIMB Bank PH also runs regular cyber awareness information campaigns via its social media pages to remind customers to never reveal username and password, never give out one-time passwords for the one-off transactions, and essentially keep all their credentials secured.

“We try to educate all of our six million customers as best as we can when it comes to protecting their money stored in their digital wallet or digital bank account. We are very intentional when it comes to reminding our customers to keep their credentials secured,” said Mr. Concepcion.

CIMB PH grew its customer base to six million clients as of the third quarter of 2022, a million more from the previous quarter. It also saw its deposit and cash in transactions this year increase to over P100 billion by the end of the third quarter. With its REVI Credit product growing its loan portfolio, the digital lender saw its loan disbursements double to more than P25 billion.

“It’s all about customer confidence in digital banks. If a cyber incident happens in one of the large digital banks, it doesn’t just impact them but the rest of the banking industry. So, it is in everyone’s best interest to keep our customer confidence high in digital products,” said Mr. Concepcion.