#FinancePH - Protect Your Digital Activities Amid Surge in Online Scams

As online fraud reaches unprecedented levels, it's more important than ever to stay vigilant and strengthen your digital security. This message is especially relevant on Safer Internet Day, an annual global movement advocating for a safer and more responsible online experience.

A Surge in Cybercrime

According to the Cybercrime Investigation and Coordinating Center (CICC), cybercrime complaints more than tripled in 2024, with 10,004 cases filed—a staggering rise from 3,317 in 2023. These scams led to PHP198 million in total financial losses, highlighting the growing sophistication of fraud, particularly consumer fraud and online financial fraud, which together account for 67% of all reported cases. Fraudsters continue to exploit deceptive tactics such as fake online sales, impersonation scams, investment fraud, and phishing to steal sensitive information like passwords and one-time PINs (OTPs).

Strengthening Financial Cybersecurity

Recognizing the growing vulnerabilities of OTPs, the Bangko Sentral ng Pilipinas (BSP) is pushing for stricter security regulations to strengthen the country’s financial cybersecurity framework. As part of this effort, the BSP has proposed regulatory changes aimed at enforcing Republic Act No. 12010, or the Anti-Financial Account Scamming Act (Afasa), which was signed into law last year to combat financial cybercrimes. This includes requiring banks to continuously enhance their security infrastructure, implement stronger authentication measures, and adopt more advanced fraud detection systems to stay ahead of cybercriminals.

PSBank's Commitment to Security

PSBank is reinforcing its commitment to security through key enhancements to its PSBank Mobile app. Clients now have the ability to lock access to their accounts on platforms they don’t usually use, ensuring that their PSBank accounts remain restricted to their preferred and regularly utilized channels. They can also lock or unlock their ATM cards through the app, providing an extra layer of protection against unauthorized transactions.

Simplified Digital Banking

Beyond security, PSBank Mobile continues to simplify digital banking with a faster, more seamless account opening process, removing the waiting period for verification and allowing customers to open an account with just one valid ID and a selfie. The app also offers zero initial deposit requirements, real-time bill payments, RFID reloading for tolls, and lower InstaPay transfer fees—ensuring that users can enjoy safe and hassle-free banking.

Tips for Staying Safe Online

While security systems evolve, vigilance remains the most powerful defense against online fraud. To minimize risks, follow these key digital safety practices:

Verify sender identities: Always double-check emails, messages, or calls claiming to be from banks or government agencies. Scammers often impersonate trusted institutions.

Avoid clicking on suspicious links: Phishing scams rely on fake websites that mimic legitimate platforms to steal login credentials. Always access bank websites and apps directly.

Use strong, unique passwords: Avoid using the same password across multiple accounts. Enable two-factor authentication whenever possible.

Never share banking credentials: Banks will never ask for your PIN, OTP, or account details via email, text, or call. If someone requests this information, it's likely a scam.

Monitor account activity regularly: Frequently check your bank statements and transaction history for any unauthorized activity. Report suspicious transactions immediately.

Report scams promptly: If you fall victim to fraud, contact your bank and report the incident to the government’s 1326 cybercrime hotline, available 24/7 to assist victims.

Stay Proactive and Vigilant

As cybercriminals continue to innovate, fortifying your digital security is no longer just an option—it’s a necessity. This Safer Internet Day serves as a strong reminder that while financial institutions enhance their digital defenses, users must also remain proactive and vigilant. Fraudsters may adapt, but with the right security measures and a well-informed digital banking community, Filipinos can continue transacting online with confidence.

For more information on safe digital banking practices and the latest news on the PSBank Mobile App, visit www.psbank.com.ph or follow PSBank on Facebook and Instagram.

For MORE UPDATES, 

You can follow me on X, Instagram,

Threads, Tiktok  & Facebook!

Subscribe to my YouTube Channel.

LIKE, SUBSCRIBE, SHARE & COMMENT. 

Thank you!

DISCLAIMER: All content provided on this blog is for informational purposes only. The owner of this blog makes no representations as to the accuracy or completeness of any information on this site or found by following any link on this site. The pictures or videos posted here doesn't necessarily mean that it's the owner's property. The owner will not be liable for any errors or omissions in this information nor for the availability of this information. The owner will not be liable for any losses, injuries, or damages from the display or use of this information.