Are you exposing yourself to online scams without knowing it?

In this era of digitalization, our online behavior and habits determine our safety. While technology has provided us with convenience, it has also equipped scammers with sophisticated tools to commit fraud. As reported by TransUnion Philippines, a global information and insights company that gathers data on credit history and activity, 8.7% of the country's digital transactions were suspected to be fraudulent in 2022. The Philippine National Police – Anti-Cybercrime Group has also received 8,000 complaints between January and August 2023, resulting in an estimated loss of more than P 155 million.

One might think that tech-savvy individuals are 100% safe from online scams but scammers have already found a means to exploit their vulnerabilities. Even the best of us can fall into the trap. For example, we hastily react to ‘urgent’ messages out of panic, giving away our account information unwittingly.

“As a digital-only commercial bank, cybersecurity is a top priority for CIMB Bank PH,” said Vijay Manoharan, CIMB Bank PH Chief Executive Officer. “Our platform being purely digital and our business model of embedded finance—enabling customers to transact with us through our partners’ apps—make it imperative for us to uphold stringent cybersecurity measures to protect our customers.”

The bank continues to invest heavily in security platforms and assets to consistently ensure the safety of banking customers and has been implementing leading-edge security measures. These include a fraud management system that detects and blocks transactions in real-time, network and infrastructure cyber defenses that protect the bank’s systems and data from unauthorized access, and application-level security tools that protect the bank’s mobile app from vulnerabilities and attacks. 

While it is the bank’s job to ensure security systems are in place, it’s also a shared responsibility. As banks undergo very stringent security measures, it is also important for users to do their part to protect themselves by being knowledgeable about and vigilant against scams. “Of course, it doesn’t stop with infrastructure. For us, it is equally important to get the users involved in fighting fraud,” Manoharan continued.

CIMB Bank PH shares some behavioral changes that can be implemented to advocate for better cybersecurity. 

Pause and think before acting on anything

Don’t get easily alarmed. Reacting hastily to ‘urgent’ messages can be risky. Scammers take advantage of this instinct in moments of panic. They send alarming emails or even call about your bank accounts, requesting for personal information. 

While it’s intuitive to respond to these messages without verifying the source's authenticity in what seems to be an emergency, we have to practice prudence – pause and think before we act on anything.

Be wary of messages that contain live links

Cybercriminals frequently employ phishing emails or smishing (or fraudulent SMS) that contain links directing users to deceptive websites. These fraudulent sites can look very similar to legitimate ones, tricking users into divulging sensitive information. Make sure that it’s from a trusted site and the official websites of your banks by carefully checking the URL. If you’ve received links from unknown sources, best to just delete immediately or report as spam.

Avoid oversharing

Any excessive personal information shared on social media platforms can make impersonation easy for scammers. For example, if you have your full name displayed on your social networking profile and have made public your birth date, you may be more vulnerable to identity theft since those two bits of information already constitute sharing your sensitive personal data. Be extra careful as well with participating in fun quizzes like personality type memes that make you share answers to security questions like your mother’s maiden name or your first pet. And remember that legitimate bank representatives will never ask for information such as your OTP, MPIN, or app credentials under any circumstance!

Create stronger passwords

Another common vulnerability arises from the use of weak or repetitive passwords. Using the same password for multiple platforms or opting for easily deduced combinations can jeopardize the security of your accounts. Better to create strong passwords, a combination of at least 12 characters using numbers, letters in various cases, and symbols. Avoid dictionary words as much as possible. You can also opt to enable two-factor authentication (2FA) which is an added layer of security, allowing you to access your account using a code sent to your mobile. 

Stay vigilant and up to date

There are other newly emerging fraud schemes such as the sale of online bank accounts, which evolved from account takeovers to customers willingly selling their accounts to fraudsters for a measly sum. There are also those that ask victims to deposit money into a bank account as prepayment or in exchange of goods or services, and never to be heard from again after the money has been sent. Make sure that you are only transacting with legitimate e-commerce sites—they usually have their own official online payment gateways.

Take action 

But what happens if you’ve already fallen for the trap? First, you have to contact the financial institution, share what happened, and request to disable your account. Then, make sure to change your passwords, whether or not you may have shared these with the scammers. If you can, file a police report: https://acg.pnp.gov.ph/eComplaint/ or share it with a cybersecurity NGO even if you didn’t lose any money because documentation is important for the authorities to track these scammers.  

Fighting online fraud is always a two-way street.  As responsible consumers, we also need to take into account our duty to be mindful of our access to technology. There are ways for us to access more information to learn more about cybersecurity and instill best practices in our lifestyle. 

To know more about CIMB Bank PH, visit https://www.cimbbank.com.ph/en/home.html.