Losses from cybercrimes targeting bank clients exceed P1B—BAP

Officials of Bankers Association of the Philippines and Kapisanan ng mga Brodkaster ng Pilipinas hold an online meeting for an agreement to jointly fight cybercrimes targeting bank clients. CONTRIBUTED PHOTO

MANILA, Philippines—Losses from banking fraud, including unauthorized bank withdrawals and fund transfers, have breached P1 billion this year as cybercriminals increasingly exploited the digital space to prey on locked-down consumers shifting to digital channels.

In terms of volume, cybercrimes targeting banks and clients have increased by as much as three times pre-pandemic levels, the Bankers Association of the Philippines (BAP) estimated on Wednesday (Nov. 17) morning as the influential association signed a memorandum of understanding with the Kapisanan ng Brodkaster ng Pilipinas (KBP) to enlist local broadcasters in the ongoing war on cybercriminals.

“The signing of this memorandum of understanding signifies the alliance between various stakeholders in our goal to ensure every Filipino will have a safe banking experience,” said BAP president Wick Veloso, also president of Philippine National Bank.

“As we usher in the new normal, Filipinos have become more comfortable in conducting bank transactions online,” Veloso said.

The industry-wide estimated loss of more than a billion pesos was based on data gathered by BAP which had aggregated reports filed by fraud victims, according to Ramon Jocson, BAP cybersecurity committee vice chair and EVP of Bank of the Philippine Islands.

“Some of the victims don’t even bother to report anymore,” Jocson said.

TSB