In an advisory, the central bank warned bank clients to be wary of emails that ask for their personal information such as username, password, account number, card number, CVV code, PIN and birthday.
File
BSP warns public anew on phishing and spoofing
Carlo S. Lorenciana (The Freeman) - January 18, 2018 - 12:00am

CEBU, Philippines — The Bangko Sentral ng Pilipinas has cautioned the banking public anew to be wary against phishing and spoofing, fraud acts that are victimizing the banking community.

In an advisory, the central bank warned bank clients to be wary of emails that ask for their personal information such as username, password, account number, card number, CVV code, PIN and birthday.

The BSP said banks would not request these details through email.

Phishing is done when fraudsters get personal information from bank clients through legitimate-looking email and use it to illegally access their account. Spoofing is when fraudsters fool clients to click a link to a website that looks legitimate to get their account details.

According to BSP, fraud emails usually have a generic greeting, misspelling or bad grammar. These are usually unexpected and not typically received.

Moreover, fraud emails also link users to another website, which is possibly a spoof or fake website. These also do not give the full contact details of the sender.

"Don't take the bait," the central bank warned.

In case of being victimized, the BSP advised the public to verify or report the case to their bank immediately. They can also report such incidents to the central bank's consumer affairs.

Earlier, Cebu Bankers Club president Mario Fritz Palileo admitted that fraudulent activities continue to affect the banking community, saying fraud continues to be a pressing challenge in the industry.

It can be recalled BDO Unibank earlier said it noted an "extraordinary rise" in the number of fraud cases, including unauthorized withdrawals and purchases, during the last three months of 2017.

Amid these reported fraud cases, Palileo had urged bank clients to have their ATM cards converted to EMV technology to prevent from being hacked.

EMV is a global standard for chip-based credit and debit transactions and is deemed more secured than the magnetic stripe technology which had been used in most bank-issued cards in the country.

The chip-enabled cards also carry additional security layers and can carry a bigger amount of data than the magnetic stripe.

Palileo had said all banks have exerted effort to contact their existing cardholders to convert to EMV. (FREEMAN)

BANGKO SENTRAL NG PILIPINAS
Philstar
Facebook
  • Latest
Latest
Latest
Are you sure you want to log out?
X
Login

Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!

SIGN IN
or sign in with
Read and share the latest news
whenever and wherever you are.
Top Stories
Features the most relevant stories,
exclusive content, analyses and special reports.
As It Happens
Get bite-sized highlights and up-to-date
information as the news breaks.
Latest
View the most recent
stories of the day.
Log-in
Lorem ipsum dolor sit amet,
consectetur adipiscing elit.
Quisque justo est, auctor vel ullamcorper.
Log-in
Lorem ipsum dolor sit amet,
consectetur adipiscing elit.
Quisque justo est, auctor vel ullamcorper.
How to follow As It Happens stories
STEP 1
Click the story in the As it Happens section.
How to follow As It Happens stories
STEP 2
Click "Follow Story" for updates on the news.
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam eu metus vitae felis tincidunt finibus ut id sapien. Integer volutpat dui eu malesuada dignissim. Sed varius justo nulla, fringilla convallis sem porta sed.
How to follow Author
STEP 1
Click on the author's name in the article.
How to follow Author
STEP 2
Once you click on the author's name, you will be
brought to the Authors page. Click "Follow Author"
to stay updated on the author's works
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam eu metus vitae felis tincidunt finibus ut id sapien. Integer volutpat dui eu malesuada dignissim. Sed varius justo nulla, fringilla convallis sem porta sed.
How to follow Tags
STEP 1
Click on a tag in the article.
How to follow Tags
STEP 2
When you click on a tag, it will take you to the
dedicated tag page where you'll see the article
viewed, along with other stories with that tag.

Click the "follow tag" button to stay updated on
the topic.
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam eu metus vitae felis tincidunt finibus ut id sapien. Integer volutpat dui eu malesuada dignissim. Sed varius justo nulla, fringilla convallis sem porta sed.