The BAP reminded the banking public to keep their bank account information secure and confidential.
BAP – On Friday, the Bankers Association of the Philippines reminded the banking public to keep their bank account information secure and confidential amidst reports of fraud in the form of unauthorized bank withdrawals and fund transfer scams.
In an interview on ABS-CBN’s TeleRadyo, BAP President Jose Arnulfo Veloso said that the banking public should not give their personal identifiable information about their bank accounts – including their password, name, date of birth, and other details which can verify one’s identity.
“Huwag magbigay ng mga impormasyon tungkol sa ating bank account [na] personal identifiable information. Iyan ho ‘yung ating pangalan, date of birth, password at ano pang bagay na magpapatunay ang pagkatao ni Juan dela Cruz,” Veloso said.
The group had earlier estimated that more than PHP 1 billion worth of hard-earned money was lost this year because of fraud – including unauthorized fund transfers and withdrawals.
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Veloso also pointed out that scammers who got hold of an individual’s basic information such as telephone number, date of birth, and e-mail address, may be able to guess the password of one’s bank account using an algorithm.
“Kaya parati namin sinasabi gawing secure ang password at huwag ibinibigay ang kahit na anong impormasyon kahit kanino,” Veloso said.
Veloso added that they’re working with the Justice department in addressing cybercrime issues.
Meanwhile, National Privacy Commission (NPC) Chair Raymund Liboro said that banks and financial technology (fintech) firms will try to freeze the accounts of scammers and their accomplices as part of measures in order to stop the text scams currently pestering mobile phone users in the Philippines.
According to Liboro, it’s easier in the case of mobile-linked digital wallets or e-wallets because the phone number was the account number as well.
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