Given physical distancing restrictions, more Land Bank of the Philippines clients turned to electronic banking services during the enhanced community quarantine (ECQ) in Luzon and other parts of the country.
In a statement on Monday, the state-run Landbank said that the transaction volume across its five e-banking platforms jumped 57.7 percent in March compared to February.
“The Landbank electronic modified disbursement system for national government agency-partners posted the highest utilization upsurge in March, as volume of transactions grew by 94 percent from the previous month,” it said.
“Landbank I-Access, which provides individual retail clients 24/7 online banking services, saw transactions rise by 52 percent,” it added.
Utilization of its We-Access for corporate clients climbed 62 percent.
Usage of Landbank’s mobile banking app rose 61 percent, while its e-payment facility, Link.BizPortal, had 23-percent more users.
“Due to the COVID-19 pandemic, we are seeing an increased demand for Landbank’s electronic and digital financial services. Landbank remains committed towards serving our clients’ growing needs through innovative, accessible and safe banking solutions, even during the ECQ period,” president and chief executive Cecilia Borromeo said.
But while Borromeo pushed using digital and online cashless banking services, she enjoined customers to “remain vigilant against the increasing incidents of phishing and ‘vishing’ (voice phishing)—an attempt to obtain a user’s username, password, savings account or credit card details by pretending to represent a legitimate website or recognized institution, either via online/email or over the telephone.”
“To avoid becoming a phishing/vishing victim, Landbank clients are advised to check the URL carefully and not to open suspicious emails, links and attachments, especially from unknown senders. Likewise, it is important not to share username or login ID, password, card number, card expiry date, credit verification value and one-time personal identification number to unauthorized entities. Landbank will never ask for critical financial information of its clients over the telephone,” Borromeo said. INQ