Exercise caution online: Protect yourself from Cyber Fraud

Written by: Vijay Manoharan

As we continue to embrace the convenience of online transactions, it is imperative to remain vigilant against the rising tide of digital fraud. Recent incidents serve as stark reminders of the threats constantly lurking in the virtual world:

A retired employee lost her life savings after unwittingly handing over personal information to a scammer.

A theater fan bought tickets to a show from a social media page, only to discover on the day of the performance that the tickets were fake.

Another unsuspecting individual clicked a link in a text message claiming he had won a major raffle prize and ended up losing all the money in his digital wallet.

These are just a few examples of real-life fraudulent transactions that have proliferated online as Filipinos increasingly conduct their daily activities via the Internet.

From buying basic necessities to shopping and banking, the digital shift has been swift and widespread, driven by greater connectivity and the affordability of smart devices.

However, as Filipinos have moved to the online realm, so have criminals eager to exploit vulnerabilities.

According to the Philippine National Police, 19,884 cybercrimes were recorded from January to December 7, 2023, with the majority—55.67 percent—being online scams, primarily phishing.

Phishing, a common form of digital fraud, involves fake emails or mobile messages designed to trick individuals into revealing personal information. These scams often mimic legitimate communications from banks or other financial institutions, making them difficult to detect.

AO Kaspersky Lab reports that the Philippines emerged as the primary target for financial phishing in the region in 2023. This type of cybercrime focuses on everyday financial transactions, including e-commerce, digital payment systems, and online banking, where fraudulent messages are crafted to resemble authentic sites.

With the rise of artificial intelligence, cybercriminals are becoming even more adept at making phishing messages and scam resources sound convincing, making it increasingly challenging to distinguish between genuine and fraudulent communications. However, certain red flags, such as poor grammar and incorrect punctuation, can still be indicators of a scam.

Everyone online faces these risks, and it is crucial not to let down our guard.

While the government, telecommunications companies, and financial institutions are doing their best to strengthen cyber defenses, users must also take proactive measures to protect themselves from fraud.

One of the most effective ways to stay safe is to never share personal information or financial details online. Avoid posting these details on social media where fraudsters can easily access them. Remember, banks and financial institutions will never ask for personal identification numbers or one-time passwords via call, text, or email.

Pay close attention to warnings from your banks or companies you regularly transact with. As part of their cyber defenses, they will inform customers of their official website, email, and mobile numbers. Heed their regular warnings about the latest criminal tactics.

Always think twice before clicking on links or opening unexpected messages. Maintain a healthy skepticism of messages from unknown sources and promises of winnings or job offers. Verify any urgent messages threatening account lockouts or family emergencies through alternative sources. If a message seems too good to be true, it probably is.

Rely on well-known and trusted platforms for transactions, and always verify the identity of the person or business before proceeding. Ensure you are on official sites before entering any personal information.

CIMB CEO Vijay Manoharan – Best Banking CEO

And if you do fall victim to cybercrime, immediately inform your bank to flag your accounts and report the incident to the cybercrime division of the National Bureau of Investigation and the Philippine National Police for potential remedies.

Preventative measures are crucial. By taking critical steps to protect ourselves, we can avoid becoming victims and maintain the security of our digital transactions.

In the digital world, utmost vigilance is key.

ADVT.

This article is brought to you by CIMB Bank Philippines.