Anyone who has a mobile phone has most likely received an SMS message purportedly from their bank advising them that their account has been compromised and urging them to act promptly by opening the link provided in the message.
This is one of the most common types of scams targeting banks these days. In fact, it has become an everyday thing that it has lost its effectiveness as a fraud attempt to some. But many are still unaware and fall prey.
According to the Bankers Association of the Philippines (BAP), an estimated Php1 Billion was lost to online bank schemes in 2021. In 2020, the Bangko Sentral ng Pilipinas (BSP) reported that 13% of the 20,000 consumer complaints were due to fraudulent and unauthorized transactions.
The Philippine National Police Anti Cybercrime Group (PNPACG) says that the growing dependency of most Filipinos on the internet resulted in the increase in cybercrime cases in the country. This was reflected in the consistent rise of cybercrime cases handled by the PNPACG since its activation from 2013 to 2020.
“The pandemic has even fueled the emergence of cybercrimes in the country since the whole nation was forced to adopt the new normal and the drastic digitalization of things,” the PNPACG notes.
BDO Unibank also acknowledges that despite depositors being increasingly savvy, the fight against fraud is ever-continuing.
“BDO is committed to continuously protect its clients by constantly arming them with timely…
