The Bank of the Philippine Islands (BPI) has upgraded its mobile banking app to better protect clients from cyber fraud and scams. This aligns with the bank’s focus on cybersecurity and prioritizing customer needs.
The upgraded BPI app is bolstered with three new security controls, which users are encouraged to switch on via the app. These include:
- Device Binding control, which acts as a digital lock that allows only authorized mobile number and device to access an account
- Mobile Key control, which is a more secure and convenient alternative to One-Time PINs or OTPs that require the user’s biometrics credentials saved on their trusted device to authenticate transactions
- Customized Limits control, which allows users to set their spending limit and have control over usage based on their risk appetite
BPI also implemented additional under-the-hood security features to ensure the safety of users’ network connections, detect potential proxy connections gathering sensitive data, and monitor for unsecured or rooted devices that could be exploited by fraudsters.
Even as the Bank enhanced the app, BPI still urges its app users to remain vigilant when transacting online and warned against clicking of suspicious links, sharing OTPs, and connecting to public Wi-Fi hotspots.
“Cybersecurity is a shared responsibility, and we hope everyone takes this matter seriously. The combination of robust security controls and the right attitude of being vigilant when transacting online will help ensure a safe banking experience for everyone,” said Jonathan John Paz, BPI Enterprise Information Security and Data Protection Officer.
“Cybersecurity is at the heart of BPI’s digitalization journey. Adopting these proactive measures is much needed to ensure that our journey will be secure, sustainable, and successful,” Fitzgerald Chee, BPI Consumer Platforms Head, added.
As of 2023, 6.9 million clients were already enrolled in the BPI app, which is a 17% increase compared to 2022.
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