GLOBAL cybersecurity firm Kaspersky on Monday, July 14, 2025, urged consumers and financial institutions to be vigilant amid a rise in financial phishing attacks.
In a statement, Kaspersky said that in 2024, it blocked more than 10.7 million phishing attempts worldwide linked to financial scams involving cryptocurrency — an increase of 83 percent from the previous year.
Kaspersky said that in the Philippines alone, 38,370 of these attacks targeted financial institutions.
Scammers now use fake bank websites, phishing messages and bogus investment platforms to target users more effectively.
The Philippines faces added risk due to low public awareness and the increasing number of scam messages imitating banks and government agencies, Kaspersky said.
It added that financial phishing commonly takes several forms: credential harvesting, where fake sites trick users into giving up usernames and passwords; social engineering, where fake messages push users into verifying accounts or claiming refunds; and impersonation of government services, especially during tax filing periods or public aid rollouts.
“Banks must view phishing as a strategic risk. It’s not just about blocking suspicious emails anymore; it’s about building cybersecurity awareness across all levels of the organization and hardening digital infrastructure against deception,” said Sam Yan, Kaspersky’s head of sales for Asia Emerging Countries.
“Cybercriminals are adapting fast, but so can we. Through proactive investment in cybersecurity technologies and a culture of digital vigilance, Philippine institutions can stay one step ahead,” he said.
To counter these attacks, Kaspersky urged banks to keep all systems and software updated to avoid known vulnerabilities, use strong passwords and restrict remote access, educate staff with simulated phishing tests and training and protect endpoints and networks.
Consumers are likewise urged to use strong and unique passwords for each online account, turn on two-factor authentication whenever possible, avoid downloading unknown apps or software and install security products such as Kaspersky Premium, which blocks phishing, spam and fake websites in real time. / PNA