As more Filipinos turn to digital banking, protecting their money requires both stronger security measures and greater awareness of online scams. The Bank of the Philippine Islands (BPI), marking 175 years of serving Filipinos, continues to strengthen its digital defenses while encouraging customers to bank safely online.
“Cybersecurity is not about responding to threats after they happen. It requires financial institutions to anticipate risks, continuously strengthen their defenses, and work together with the broader ecosystem to address fraud. As digital banking evolves, protecting customers means making security an ongoing priority, not a one-time effort,” said Jon Paz, Head of Enterprise Information Security and Fraud Risk Management at BPI.
Social engineering remains a major challenge, with scammers using deceptive messages, suspicious links, and impersonation tactics to trick people into revealing sensitive information or approving fraudulent transactions.
Banking industry data shows that social engineering schemes account for nearly 39% of fraud transactions and 36% of fraud-related losses. Voice phishing, or vishing, is the most prevalent reported threat, accounting for more than 21% of incidents. Other reported threats include malware and rogue applications (7.5%), SMS phishing or smishing (3%), and email phishing (2%).
BPI works with the Philippine National Police Anti-Cybercrime Group and the Department of Information and Communications Technology’s ICT Literacy and Competency Development Bureau to promote cybersecurity awareness. It also implements measures under the Anti-Financial Account Scamming Act (AFASA), or Republic Act No. 12010.
Through its mobile app, BPI offers safeguards designed to help protect customers, including Mobile Key Authentication, which uses a PIN or biometrics on a trusted device instead of SMS one-time passwords; cool-off periods for certain high-risk account changes; integrity checks that restrict access from rooted devices or VPN-enabled environments; and masked names that limit personal information visibility during BPI-to-BPI transfers.
“Making digital banking safer is not just about the technology behind it. Customers also need to understand the risks and feel confident making decisions online,” said Fitz Chee, Head of Consumer Platforms at BPI.
“When people know how to recognize suspicious activity and take the right precautions, they are better equipped to protect themselves. Building that awareness is an important part of helping more people bank digitally with confidence,” he added.
BPI continues to emphasize that safer digital banking depends on both security technology and informed customers who remain alert to potential scams.
