With ongoing mobility restrictions brought about by the COVID-19 pandemic, more and more people rely heavily on digital transactions.
This has spurred increased online usage and a growing preference for cashless payments. Along with this trend comes the rising incidents of cybercriminals creating new ways to steal confidential data and profit off bank customers.
This underlines a stronger need for a unified effort between the public and private sector to fight
cybercrime. In support of the Bank Marketing Association of the Philippines’ #FightFraudTogether information campaign, Security Bank continues to drive awareness to protect its customers against various forms of fraud attacks.
Here are the most common types of scams to look out for.
Phishing
Phishing is a type of social engineering attack. In most cases, a cybercriminal pretends to be an employee of the bank and emails customers about “problems” with their account. Customers are then prompted to click on a link, leading them to a fraudulent website where they can enter data such as account or credit card number, online banking details, and a one-time password (OTP).
This allows fraudsters to gain access to their confidential information. Fraudsters then immediately change the password to take full control of the customer’s account and use it to perform illegal transactions, such as unauthorized fund transfers.
What makes phishing so effective is that it easily lures people to believe that the email they received came from a legitimate source. Other sub-types of phishing include scams perpetrated through SMS (smishing) and phone calls (vishing).
Watch this fraud awareness video that discusses these common fraud attacks and how to prevent them.
Fund transfer scams
Sometimes, phishing emails are disguised as fund transfer notifications or online banking emails. Scams like this work by telling customers they paid a certain amount to an entity. Those who are unaware of this scam are then tricked into clicking the link provided to them and entering their confidential information. Those links may direct you to a fake bank website designed to steal data and money.
When using a computer, one tip is to hover over the link or button for a preview of the actual URL provided in the email before clicking and pursuing a transaction.
While these are the most common scams online, there are other scams customers should be aware of. Security Bank has prepared a useful guide for protection against cyber fraud.
Should you encounter these scams, do you know what to do? Here are some tips:
– Do not give your sensitive data to anyone under any circumstances. Security Bank will never ask for your OTP, CVC/CVV, and PIN via call, text, or email. Do not share this sensitive information with anyone. Customers who initiate the call to the Bank may be required to verify information, but not the other way around.
– Examine the email, texts, or calls you receive. For example, are there grammatical errors? Are you being asked to click on a link? If the answer is yes to these questions, then a fraudster is most likely waiting to trick you.
– Verify the claims. If you receive an email saying you paid for something and need to validate the transaction, do not click the link. Instead, check your Security Bank Online account directly. Double check your account if money has been deducted. If your account balance did not change, then that email is likely a scam.
– Know and follow Security Bank’s official channels like its website and Facebook page.
You should also take note of official customer service hotline numbers which are +632-8887-9188 and 1-800-1-888-1250. If you receive a suspicious email, verify its legitimacy through these official bank channels before clicking anything. Remember: A fake Security Bank FB page or a telephone number that does not belong to the bank is an automatic red flag.
Aside from knowing how to protect yourself, you can also report cybercriminals. Act by reporting suspicious activities to Security Bank through the following channels.
Fraud Hotline: 8-814-2696 or 8-814-2664/Viber: +63917-893-0111
Fraud Awareness Page: https://www.securitybank.com/
Latest Scams: https://www.securitybank.com/
