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Cybersafe July 16, 2020

 Safer Online Banking

The Digital 2019 report of Hootsuite and We Are Social found that in 2018, Filipinos are the world’s heaviest Internet users. Interestingly, 54% of Filipinos use their mobile Internet for mobile banking, and for good reason: mobile banking saves a lot of time and energy.

 

However, many people are reluctant to switch to mobile banking due to safety concerns. Still, there are precautions that can be taken to safeguard your account and make online banking a breeze:

 

1. Protect your passwords
For any account you need a password for, it’s advisable to change your passwords regularly, and to create strong passwords to deter potential hackers! Additionally, avoid using the auto log-in feature on your devices, in case these get lost or stolen.

 

2. Don’t use a shared network or a shared computer
It is important when checking your bank account to use a private, secure network. As much as possible, don’t check your bank account when using public WiFi or public computers, as these may be traced back or attract nearby hackers.

 

3. Utilize two-factor authentication
Two-factor authentication is a method by which an app or website user provides two pieces of evidence to prove their identity. Usually, this comes in the form of the password, followed by a One-Time PIN (OTP) number sent to the user’s phone number for confirmation. Make sure to enable this mechanism if you haven’t already!

 

4. Download your bank’s mobile app
By using the mobile app, you can bank on the go. Aside from that, you can regularly monitor your account in case an unauthorized transaction happens. Banks usually send an email or a text alert notifying users if a withdrawal has been made, which helps if you know if something is amiss.

 

5. Don’t fall for “smishing” schemes
A distant cousin of online phishing, “smishing” usually involves receiving a legitimate-looking text message that asks you to either click a link (with malware attached) or send personal info. Some smishing schemes masquerade as your bank and request for your account and pin numbers, so be wary!

 

This article is part of the Banker’s Association of the Philippines’ (BAP) #CyberSafe campaign, where the BAP aims to promote awareness towards cybersecurity. As part of the campaign, new posts will be uploaded every Wednesday and Sunday, tackling common web security questions and issues. 

For more information on mobile and online banking, please visit this link: Mobile and Online Banking.