PSBank’s Information Security Division Head shares effective ways on how to keep your finances safe this 2017
Now that technology has become more sophisticated and accessible to most people, cyber crimes have increased worldwide. Majority or 50% of fraud incidents are associated with online payment channels and such incidents are seen to increase in the next few years.
ATM fraud and cases of identity theft—the two leading security concerns among consumers in the region--and online scams have caused alarms to the general public prompting authorities to take action. In 1998, Republic Act 8484 or the law regulating the issuance and use of access devices to fight fraud was passed into law to protect the rights and define the liabilities of parties in commercial transactions by regulating the issuance and use of access devices such as credit cards.
Access devices are any card, plate, code, account number, electronic serial number, personal identification number, or other telecommunications service, equipment, or instrumental identifier, or other means of account access that can be used to obtain money, good, services, or anything of value or to initiate a transfer of funds. In the latter part of 2016, House Bill 4702 was filed. It aims to put stiffer penalties to those proven to have committed cyber crimes. Currently, violators are only imposed a PHP 10,000 penalty fee and imprisonment of six to 10 years. In the bill, an increase of the penalty from PhP 10,000 to PHP 3 million to PhP 5million and imprisonment for a minimum of 20 years was proposed.
“We have expected an increase of cybercrime and identity theft cases in the country considering that gadgets and the Internet have become cheaper and more accessible to most people. To keep our clients safe from falling victims to cybercrime, we have been very active in reminding them to protect their financial information through various means,” said PSBank Vice President for Information Security Division Dan Duplito.
PSBank shares five ways to stay scam-proof and to keep your finances and personal identity safe:Use multiple strong passwords for your important personal accounts. Some people prefer to use a uniform password across all of their accounts. This saves them the hassle of having to remember multiple passwords. However, cyber criminals are smarter now. Using the same password across all of your accounts make it easier for hackers to get into your accounts and steal personal information. Use a password manager software to help you remember and organize multiple passwords.
“The Internet has become an integral part of our lives. It is important to be extra careful with the information that we share online. It always helps to closely work with your bank to see how you can protect your finances. Being aware of the different online scams and ways on how fraudsters steal people’s identity will also help you stay alert and protected,” shared Mr. Duplito.
PSBank is a key player in the Philippine consumer banking industry. The Bank emerged as the country’s 8th strongest bank by balance sheet in the Asian Banker’s AB500 annual ranking 2015-2016 Edition. PSBank is the only savings bank to make it to the top 10. It has maintained a spot in the list for five consecutive years. We have expanded our network to more than 250 branches and more than 620 ATMs nationwide.
Like this post? Subscribe to Manila Life by Email
Like Manila Life on Facebook to be updated.