How to Protect Your Finances Online

In the first eight months of 2023 alone, more than Php 155 Mn have been lost due to different frauds in the country. At one point, the Philippines even had the highest cases of phishing attempts in Southeast Asia. One of the most common attempts at these online crimes is taking money off someone’s online account, whether through calls, email, or text messages.

As such, it is important to protect our online finances and be more vigilant against these scammers. After all, scammers do not choose victims or seasons nowadays. These can happen to anyone at any time. Here are a few reminders on how we can be more proactive in protecting our online banking accounts in the age of digital banking.

Logging in using biometrics is a recommended route when opening your bank app. Not only is it faster as you do not need to type in your username and password every single time, but it’s also less compromising to opportunities wherein someone might see your details especially when in a public area.  

Biometrics can be done through the form of facial recognition/face ID or via fingerprints, depending on your preference. Either method will guarantee a more secure and easier way to do your online transactions in the app.  

Consider learning more about security features of bank applications to keep yourself updated.

Now, if you’re the type who accesses your online bank account using passwords instead of biometrics, then just ensure that you regularly change your passwords so that it lessens the risk of being identified by other people.

A great password always uses a combination of upper and lowercase letters, numbers, and symbols. You should also avoid using any combination that involves your name or any variation of it, nor using consecutive numbers such as 123 in it.

Make sure to change your password every three months to ensure that you’re protected from cybersecurity threats.  

You’ve probably heard or encountered stories of this already from people you personally know whether it’s someone’s parent, a co-worker, or a friend. It’s an age-old scam that has really evolved to fit in with social media applications.

One of your ‘friends’ or contacts will message you to say that they’re currently in an emergency and thus will need to ask for money from you, which you can send via digital means. Out of panic, you are obliged to send without questioning what is happening, until you realize that it was just that—a trap.  

When you are on the receiving end of a random message asking for any financial help from someone you personally know, one way to verify is by asking that same person via another means, may it be a call or a text message.

Reach out and verify because, if their social media account gets hacked (which is the likeliest possibility during these instances), it can prevent others from being victimized.

There are things that you never share with anyone. Ever. This includes your one-time PIN (OTP). As anyone who does online transactions knows, OTPs are an additional means of safety verification before the money is transferred.

Scammers usually employ different methods to obtain someone’s OTP—pretending to be bank representatives delivering free credit cards or bank tellers informing you they’re updating your personal details. Here’s the perfect reminder that bank employees will never ask for your OTPs. Ever. The moment someone asks you about your OTP is an indication that they are trying to scam you.

Scammers nowadays have been more creative than ever when it comes to deceiving people into falling for their traps. If you receive a call saying you’ve won free items without even joining one in exchange for some details about you, then it’s highly likely that this is just a scam.

This also extends to fake, unofficial pages of online booking platforms or banks that require you to type in personal credit card information in exchange for free trips or points.

These scammers have also infiltrated app users by luring them in with higher conversions of rewards points or even cash. While these are natural (this is what the scammers want their victims to feel), it is always best to verify and check for details on the official social media pages to know if these promos exist.

You can also call the hotline or check the official website to check the validity of these offers. 

Just like how they evolved to adapt to the age of digitalization, scammers will always try to look for new ways to continue to victimize people. The least one can do is always be proactive and observant so as not to fall under these modus activities.

As the classic saying goes, "prevention is better than cure".