Press Release

Reducing the risk of being scammed

Did you know that the Bank of the Philippine Islands (BPI) noted a 50-percent increase in online scams worldwide? Cybercriminals have tapped into various digital platforms to capitalize on coronavirus fears by way of phishing scams and impersonating legitimate organizations, including banks.

“We see phishing emails that feature COVID-19 themes that have links to phishing sites. These scammers do take advantage of our dire situation and the emotions of people,” said BPI’s Enterprise Information Security Officer and Data Protection Officer Jonathan John B. Paz.

In a span of 10 days—from March 17 to 26—BPI already detected 24 COVID-themed phishing emails. “We have also seen 212 phishing websites in the same period and all these were taken down,” Mr. Paz added.

BPI is therefore warning clients to take the necessary precautions to protect them from becoming the latest victims of coronavirus-related cybercrimes.

“As you enjoy the convenience of banking through our online channels, make sure that your every login is safe and secure,” said Mr. Paz, adding that cybersecurity is a shared responsibility, especially during these critical times.

To protect one’s bank account in the time of COVID-19, BPI encourages customers to use the Bank’s mobile and online security features to help keep their accounts safe. These include the activation of one’s Mobile Key, enabling biometric login, linking a device to one’s account, using One-Time PIN (OTP), and setting up of login notifications and email alerts, among others.

The bank has already taken both technical and non-technical measures to combat COVID-themed social engineering attacks.

“We ramped up collaboration with threat intelligence services to gather information on the emerging modus operandi, indicators of compromise, phishing websites and attacks, particularly COVID-19-themed cyberattacks, to improve the Bank’s defenses and help us better secure our clients’ personal data and financial assets,” Paz said.

Now remember, while you’re wearing a mask in public to stay safe, scammers are also wearing their own masks, albeit online, waiting for their next victim.

Published on April 3, 2020