OFBank offers methods to ensure safe and dependable digital banking for OFWs.
As more Filipinos convert to online banking and digital payments in the post-pandemic period, cybercriminals are increasingly exploiting the system and human shortcomings.
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| By prohibiting unwanted transactions using two-factor authentication and one-time passwords, the OFBank mobile app offers users a safe and secure digital banking experience. |
According to the BSP's 2021 cyber threats surveillance, the top three types of cyber incidents documented by supervised financial institutions (BSFIs) were phishing, "card not present" fraud, and identity theft. According to the Bankers Association of the Philippines, the number of illegal withdrawals and transfers will approach one billion in 2021 due to the growth of cybercrime.
Consumers were protected from these threats with the signing into law of RA No. 11765, often known as the Financial Products and Services Consumer Protection Act (FCPA), in June 2021. This law empowers agencies such as the Securities and Exchange Commission (SEC) and the Bank of Singapore (BSP) to improve consumer protection procedures to enforce the law against banks and other financial organizations.
“Consumer welfare is a continuing agenda of the BSP. We enjoin financial institutions, bank organizations, and relevant partners and stakeholders to push consumer protection initiatives forward as the responsibility is too great for any entity to take on singly,” said BSP Governor Benjamin Diokno.
Overseas Filipino Bank (OFBank) President and CEO Leila Martin said in an interview, “OFBank, as an example, uses technology to minimize risks to its clients – from the very first step of opening an account on its digital platform. Consumer protection is enhanced through the OFBank Mobile App, which utilizes artificial intelligence to facilitate an electronic know-your-customer (e-KYC) process to verify and validate uploaded application information and requirements. The app also has advanced encryption and security technology that protects sensitive information.”
While OFBank continues to improve its digital security, Martin emphasizes that cybersecurity is a two-way street in which customers play an important role. Mindful online activity reinforces the protection provided by technology solutions.
See Also: With the OFBank Mobile App, low-risk, low-cost investments are just a few clicks away.
Here are some precautions you may take to ensure your safety when conducting digital banking transactions.
1. Make sure to only access secure platforms.
From 2019 to 2021, consumers reported P2 billion in financial transactions to the BSP, some of which involved fraud, hacking, and phishing.
Keep an eye out for phishing emails and texts. Never click links in strange messages; instead, put the entire website address into your browser. To ensure your security before conducting any online financial transactions, bookmark the OFBank website or any other official banking website.
2. Protect yourself from online attacks.
Installing and maintaining updated anti-virus software on your computer is essential if you want to protect yourself from dangers and harmful activities that could damage your information. It is best to enable 2-factor authentication on your accounts as a routine step in addition to the one-time password (OTP) needed for continuing with banking activities. For instance, OFBank account users might choose to receive OTPs through SMS or enable the OTP generator option in their mobile app.
3. Limit accessing your accounts using public computers or connections.
When you utilize public devices and internet connections, your banking information is subject to attackers. When making online payments, always use a secure internet connection.
If you must use one, make sure to delete all downloaded files and that your password is not retained. You may protect your data by emptying the recycle bin and wiping the cache and history of any browsers you've used.
4. Refrain from asking for help or divulging your personal information to anyone.
Identity theft is one of the most common routes to banking fraud. In this case, the fraudster gained the victim's personal information, including their address, mother's maiden name, cell phone number, social security number, bank account number, and email address. Never communicate these details with an unauthorized third party over the phone or by text. Banks, in general, employ Know-Your-Customer tactics. It is nevertheless recommended that you confirm the call before responding.
5. Check your transactions.
You can always keep track of your balance by often monitoring your transaction history information and statements. This ensures that no fraudulent transactions will damage your account. You can best prevent unauthorized transactions by using OTPs, which OFBank has established as the default on its app.
To outwit fraudsters in the ever-changing environment of Internet banking, it's vital to learn how to prevent online fraud. Your best bet is to protect your online transactions by being cautious and choosing a trustworthy and secure digital bank.