Protect Your Digital Activities: Safeguarding Against the Surge in Online Scams

As online fraud reaches unprecedented levels, Filipinos are reminded to stay vigilant and enhance their digital security. This message is especially important as Safer Internet Day, an annual global movement dedicated to promoting safer online experiences, underscores the need for responsible internet usage.

The Growing Threat of Online Fraud

In 2024, cybercrime complaints in the Philippines skyrocketed by over 200%, with a staggering 10,004 cases filed, compared to only 3,317 cases in 2023. The Cybercrime Investigation and Coordinating Center (CICC) reported that these scams resulted in PHP198 million in financial losses, signaling a rising wave of online fraud, particularly consumer fraud and financial scams. These types of fraud together account for 67% of all reported cases, often involving deceptive tactics such as fake online sales, investment fraud, phishing, and impersonation scams aimed at stealing sensitive data like passwords and one-time PINs (OTPs).

Strengthening Financial Cybersecurity

To combat this rising threat, the Bangko Sentral ng Pilipinas (BSP) has called for stronger security regulations, especially in the financial sector. In response, BSP has pushed for stricter implementation of Republic Act No. 12010, the Anti-Financial Account Scamming Act (Afasa). This act, signed into law last year, aims to curb financial cybercrimes by requiring banks to bolster their security infrastructure. Banks are expected to adopt advanced fraud detection systems and enhance authentication measures to stay ahead of cybercriminals.

PSBank’s Commitment to Digital Security

In response to these growing threats, PSBank has enhanced its security features through key updates to its mobile banking app. With the new app features, PSBank customers can now lock their accounts to prevent unauthorized access from unfamiliar platforms and lock or unlock their ATM cards directly through the app. These additional measures provide an extra layer of security for account holders, ensuring safer transactions.

Moreover, PSBank continues to improve the user experience by offering a faster account opening process, eliminating waiting periods for verification, and allowing customers to open accounts with just one valid ID and a selfie. The app also provides zero initial deposit requirements, real-time bill payments, RFID toll reloading, and reduced InstaPay transfer fees—all while keeping security a top priority.

Top Tips for Online Security

While financial institutions like PSBank continue to improve their security protocols, individual users must also remain vigilant. Here are some essential digital safety practices to protect against online fraud:

Verify Sender Identities: Always double-check emails, messages, or calls that appear to be from banks or government agencies. Fraudsters often impersonate trusted organizations.

Avoid Clicking Suspicious Links: Phishing scams often rely on fake websites that look like legitimate platforms. Always type out bank URLs directly in your browser to avoid being redirected to phishing sites.

Use Strong and Unique Passwords: Never reuse passwords across multiple sites. Use strong, unique passwords for each account, and enable two-factor authentication (2FA) wherever possible.

Never Share Sensitive Information: Banks will never ask for your PIN, OTP, or account details via email, text, or call. Be cautious if someone requests this information, as it's likely a scam.

Regularly Monitor Account Activity: Check your bank statements and transaction history frequently for unauthorized activities. Report suspicious transactions immediately to your bank.

Report Scams Promptly: If you fall victim to a scam, contact your bank right away and report the fraud to the government's 1326 cybercrime hotline, available 24/7 to assist victims.

As cybercriminals continue to develop new strategies to exploit online vulnerabilities, securing your digital presence is no longer just a recommendation—it’s essential. Safer Internet Day serves as a timely reminder that while banks and financial institutions are enhancing their digital security measures, users must also remain proactive. By following best practices for online safety and staying informed about the latest security features, Filipinos can continue to engage in digital banking with confidence.

For more information on safe digital banking practices and updates about PSBank's mobile banking features, visit www.psbank.com.ph or follow PSBank on Facebook and Instagram.

Sources:

Philippine News Agency. (2025, January 31). Scam complaints triple in 2024 – CICC. Read more

Bangko Sentral ng Pilipinas. (2025, January 22). Amendments to Regulations on Information Technology Risk Management to Implement Section 6 of the Anti-Financial Account Scamming Act (AFASA). [Read more](https://www.bsp.gov.ph/Regulations/Issuances%20of%20Policy%20Exposure%20Drafts/Exposure-Draft_Amendments-to- Regulations-on-IT-Risk-Management-to-Implement-Section-6-of-the-Anti-Financial-Account-Scamming-Act.pdf)