NextGen Day

The festive season arrives. For the Christmas-obsessed Filipinos, it signals the beginning of another season of festivities, gift-giving, and, of course, copious amounts of shopping. But in addition to a joyous atmosphere, the Yuletide season also brings with it high traffic and malls packed with holiday shoppers.

More and more Filipinos are being persuaded to shop online because of the simplicity of these apps. Why would they not? With a few taps and swipes on their cellphones, they could shop from the convenience of their homes.

Additionally, while the COVID-19 pandemic is still a concern, consumers can shop to their hearts’ delight at home without fear of contracting the disease.

But as online shopping becomes more popular, cybercrimes like hacking and fraud that try to deceive online buyers are also becoming more prevalent.

Online profiles, including your digital banking accounts, are frequently the target of scams and frauds. But lately, they’ve increased in frequency and aggressiveness as scammers and fraudsters became more inventive and tech adept.

For starters, there are scams designed particularly to prey on your internet habits and target you. More and more people are becoming the targets of these fraudulent online attacks as con artists quickly advance their strategies.

For instance, this year has witnessed an upsurge in the frequency of SMS messages with links that appear suspicious, or “smishing.” The fact that these emails now contain your name, making them appear official, makes this method even scarier and more successful at duping people. Others have received phishing emails that appear to be official correspondence from banks or other financial providers at first glance.

Scammers have intensified their attacks by calling victims on the phone pretending to be from a bank or another institution and requesting personal information.

Voice phishing or vishing is the term for this. Sometimes the caller sounds so trustworthy and competent that you can be tempted to fall for the trap. They are capable of strong persuasion, making you feel as though you have no choice but to comply with their demands.

It’s getting tougher and harder to tell what’s real from what’s bogus thanks to increasingly sophisticated cyberattacks.

Rizal Commercial Banking Corporation (RCBC) has blended cutting-edge technology and industry best practices in building the security elements of RCBC Digital in response to the increased incidence of these con games that prey on unwary customers.

The bank keeps up its fight against cybercrime as it pushes to accelerate digital adoption with convenient and safe digital products. RCBC thinks that attempts to offer quick and safe online services go hand in hand with the push for digital banking.

Carlos Tengkiat, RCBC’s Chief Information Security Officer, emphasized how successful online fraud has been in targeting individuals but has failed to infiltrate organizations, particularly banks and other financial services, during RCBC’s #DontGetFooled: Staying Safe Online webinar in October 2022.

Tengkiat noted that RCBC constantly collaborates with other banking institutions, telecommunications companies, and government organizations to help provide this security. “The banking industry is constantly evolving, not only to cater to your needs but also to deliver these convenient services in a secure manner,” Tengkiat said.

He emphasized the numerous security features that RCBC’s digital banking app offers, including two-factor authentication, biometric support, the requirement that online banking passwords be changed every 90 days, card locking for lost or stolen cards, and real-time SMS and email notification for banking transactions, among others.

RCBC started a cybersecurity awareness campaign to better inform its customers about scams that can jeopardize their accounts. In an effort to reduce these occurrences, this campaign, which has been launched across many online platforms, offers advice on how to be safe online in the face of the rise of scams and fraud.

RCBC advises its clients to exercise increased caution when it comes to their transactions, whether they take place online or off, by treating personal data as a valuable asset, being more aware of their banking routines, and being more cautious about who they transact with.

One, no other person will have access to your One Time Password (OTP), which is automatically sent to your registered mobile number or email address. Sharing stuff like this with anyone is never a good idea.

Never click on links sent to you over text or email by a stranger. You may easily follow these to websites that ask you to enter personal data. Make sure it is authentic first. Never click if you’re not sure.

In support of the Bangko Sentral ng Pilipinas’ (BSP) recommended controlled measures against cybercrime and assaults on retail electronic payments and financial services, the majority of banks have also eliminated clickable links from all client communications.

These steps are a part of the company’s initiative to inform customers about safe and secure ways to conduct electronic banking.

Security is a partnership, just like banking. And we at RCBC are committed to being your travel companion,” Tengkiat continued.

Now you can shop safely and worry-free for Christmas presents for your parents, partner, inaanak, or secret Santa.

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Disclaimer

This article is for informational purposes only and does not constitute endorsement of any specific technologies or methodologies and financial advice or endorsement of any specific products or services.

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