AS THE pandemic accelerates digital transformation in the banking industry, security experts in the field have warned consumers of complex cybersecurity threats.
Unionbank of the Philippines chief information security officer Joey Rufo said consumers should not overshare information in social media.
“Don’t overshare your personal information like your birthday or the names of your relatives because it can be used to guess your password,” Rufo said in a Zoom webinar dubbed “Cybersecurity in the Covid-19 Digital Economy” Wednesday, July 15.
He said the more digitally equipped an individual or an enterprise is, the bigger the threats it would face from fraudsters, hackers and scammers alike.
Red flags for consumers include the wrong spelling of the website’s name and the interest of knowing one’s one-time security passcode as well as the password of the clients.
“Transact only with reputable sites. Or if it is making you anxious, email or call your respective banks,” he said.
Rufo cited a study that revealed that in 2019, there were one million phishing attempts in the Philippines.
Seventeen percent of the victims are from the Philippines, the highest in Southeast Asia.
Phishing attempts utilize phishing mails and malicious links to steal customer information.
There are about 73 million Filipinos connected to the internet out of the country’s 109.581 million population.
With the current situation on the Covid-19 pandemic, he said there has been a significant rise in the usage of digital solutions and e-commerce.
Because of this, Rufo stressed that consumers must be responsible with their digital exposure.
“There is digital transformation (happening). This is where the whole country is going. The pandemic accelerated this, and more people are going to be online-dependent,” he said.
As more and more people make use of online banking, Rufo said Unionbank has put a premium on digital security and the safety of its clients.
He said the bank invested in a 24/7 integrated operations system, regular security testing of its mobile app, compliance with industry standards on cybersecurity and privacy and continuous awareness campaigns among others. (JOB)