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Manila Bulletin devider Business devider Banking & Finance devider BPI urges caution: Holiday season is peak for cyber scams

BPI urges caution: Holiday season is peak for cyber scams

Published Oct 9, 2024 04:32 am

Ayala-led Bank of the Philippine Islands (BPI) has cautioned the public about a rise in cyber scams as Christmas approaches, urging consumers to shop with extra caution.

“Cybercrimes are expected to peak during the holiday period as online shopping surges,” BPI said in a statement on Wednesday, Oct 9.

BPI advises the public to stay alert, as cybercrime continues to be a major concern in the Philippines.

"As the holiday season nears, it is important that consumers stay alert against the rising number of cyber scams. Cybercriminals ramp up scams during this festive season through fraudulent emails, fake websites, and other online threats,” Jonathan Paz, BPI Enterprise Information Security and Data Protection Officer, said.

“By staying informed and cautious, we can protect our personal and financial information from falling into the wrong hands,” Paz added.

Last year, Kaspersky—a global cybersecurity firm—warned Filipinos about common phishing attacks that occur during the holiday season.

A Statista survey reveals that 80 percent of Filipinos plan to shop during holiday sales, with 70 percent intending to shop both online and in-store, while scammers “take advantage of potential victims who are not on guard.”

Last month, Kaspersky also reported that the finance industry is still a major target for cyber attacks, despite the Bangko Sentral ng Pilipinas'(BSP) new cyber resilience strategy. 

Through online fraud, scammers exploit customer data for account takeovers and credit fraud.

To help prevent scams this holiday season, BPI advises the public to avoid public Wi-Fi for online transactions, refrain from accepting help from strangers at ATMs, never share One-Time PINs, avoid clicking on unknown links, verify the legitimacy of shopping websites, use secure digital wallets, and keep cards and IDs in separate locations while promptly reporting lost items.

Paz emphasized the bank’s commitment to promoting cyber hygiene to help consumers guard against cyber crimes, noting that cybersecurity is a shared responsibility. (Derco Rosal)

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Bank of the Philippine Islands CYBER SCAMS
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