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Cybersafe April 13, 2021

Things to do for victims of bank fraud

As the COVID-19 pandemic continues into 2021, online transactions continue to increase as well. With the higher number of Filipinos resorting to online banking, the chances of getting victimized by cyber-based frauds also rise.

More people are now easy prey to bank personnel impersonation via texts or emails. Frauds affecting bank clients operate in ways that blindside many people—even those who are aware and wary of such modus. 

Luckily, many ways to prevent cyber frauds are available. We just need to be informed what to do if we fall prey to such malicious schemes. As such, here are things to do, if for some unfortunate circumstances, the fraud victims happens to be you:


Call your bank

Regardless of the scheme, it is important to call your bank immediately since the bank will be able to tell you more about the affected transaction. In the case of bank impersonation, the bank can always check if they emailed or texted clients regarding their accounts. Banks can have the card blocked if warranted as a result of an investigation.


Call the vendor

If the fraudster used the client’s account for an unauthorized purchase, the client should coordinate with the vendor in tracking down the transaction. By doing so, additional assistance is provided while trying to dispute the charge. 


File a report

Submit a written report to the bank detailing the incident, especially in cases of bank impersonation and phishing schemes. Banks will ask for details regarding the place, date, time and circumstances of the incident, or the last purchase made prior to the loss/theft of the card. Details like these will not only help the bank process the case but also help the bank to stay alert and warn other customers of the modus.


Request a review of the charges

If the client feels that any account charges are incorrect or invalid, the bank can be requested to look into the information. Depending on the bank’s processing of your request, the charges can be reversed. For instance, the bank may allow requests within twenty (20) days upon receiving the billing statement. This option will no longer be available after that period. 


Change your password and PIN

Change the account access PIN and update the password on client’s mobile banking apps. Make sure not to use the same passwords across banking, social networks and email accounts. In the most severe cases, ask for the suspension of the client’s account suspected as being compromised.


Apply for a new account

The client should request a new card or transfer to a new account if the suspicion of being unsafe remains. Banks also recommend freezing the accounts while cases are ongoing to prevent further losses. In any case, clients should monitor and avoid committing the same mistakes in the new account. 


This content is part of the Banker’s Association of the Philippines’ (BAP) #CyberSafe campaign, where the BAP aims to promote awareness in cybersecurity. The campaign will upload new posts tackling common web security questions and issues, on Wednesdays and Sundays every week.

For more content on cybersecurity, visit the BAP Official YouTube channel