MANILA, Philippines – If you think you will never be a victim of bank fraud, think again.
In 2013 alone, the Bangko Sentral ng Pilipinas (BSP) received 1,272 reports of ATM fraud from banks. This is equivalent to close to a whopping P220 million.
Fraudsters have been employing an array of physical and electronic tactics to steal bank and corresponding personal information for years. Countries that predominantly use the old magnetic stripe technology is among those vulnerable to these attacks – including the Philippines.
This is why the BSP has strictly mandated banks to migrate from magnetic stripe to the more secure EMV chip technology. It’s also done to keep the nation at par with global standards of banking security.
But the introduction of EMV technology has brought on a host of new issues as fraudsters now resort to online means to harvest information. It’s important to remain vigilant now more than ever because it’s no longer enough to safeguard your card physically.
Protecting your hard-earned savings is your responsibility as much as it is your bank’s. You, the client, must also be aware of various modus operandi and the steps to avoid them because fraud can happen to anyone.
Check out this infographic to find out what you can do. – Rappler.com
Did you receive a suspicious or phishing e-mail? If you’re a BDO account holder, report it to firstname.lastname@example.org.