Be fraud-proof: Simple security checks to do regularly to protect yourself

 

Online banking has made managing money more convenient than ever. With just a few taps, customers can check their balance, pay bills, transfer money, or apply for financial products. But it also highly entails the need for Filipinos to know how to protect their hard-earned money from fraud online.

 As more financial services move online, fraudsters are also finding increasingly creative ways to target consumers. In 2025, the Bangko Sentral ng Pilipinas (BSP) said it received more than 120,000 consumer complaints, which included unauthorized online transactions and fraud-related issues. In a recent report, they said that as early as September this year, that number has already been surpassed.

The BSP also shared that the most requested modules on its financial education platform are those focused on avoiding scams and fraud, reflecting a demand from consumers for self-protection knowledge.

 “Since we have more channels now for our transactions, the risk of financial fraud has increased. The bright side is that the safeguards and controls of financial institutions have also increased with it,” said Conrad Cueto, Fraud Operations Manager at CIMB Bank Philippines. “What’s challenging right now is how quickly fraudsters react and find ways to circumvent or bypass the safety controls that we have in place.”

One-off safety measures may no longer be enough

As the adage goes, prevention is better than cure. Cueto stressed that while banks continue to strengthen their controls and safety measures, customers remain an important line of defense against fraud. This is why safeguarding one’s account should be an ongoing practice, rather than something customers do only when a potential threat arises. Cueto said a good place to start is by having a personal security routine for online banking:

When to check: Every week

·        Transactions should be reviewed weekly for unfamiliar charges or movements. Taking a moment to recall each transaction can help identify anything that may be out of the ordinary.

·        If an unusual transaction is found, customers should secure their account immediately using available emergency account-locking features on their bank’s mobile app. They may also contract their bank directly to report and verify the transaction.

 When to check: Once a month

·        Keeping personal information up to date, particularly contact details, helps ensure that important bank advisories and notifications are not missed.

·        Regularly updating passwords is also important, especially since older passwords may have been exposed in a data breach. Strong, unique passwords should be used and never written on paper or stored in unsecured note-taking apps on a phone.

 When to check: Every time a consumer banks online

·        Before any transaction, check whether the account number or QR code that is about to be used came from an official source. Verify the source and confirm that the account name matches the account number or QR code before sending money.

·        Do not click on links received, no matter how legitimate they look. Consumers should keep in mind that the BSP prohibits banks and financial institutions from including clickable links in text messages or emails they send out.

 “People normally call their banks when they lose their wallets, but I recommend taking the same steps when they misplace their phones as well,” Cueto adds. “The first thing to do is to call the bank and advise them to lock their account. Even when they’re not 100% sure yet that the phone is missing, reach out to the bank anyway.”

Cueto also shared that if there is one security check he recommends people to do daily, it is checking their account balance. "It can already sound the alarm should there be any anomalies. It only takes a minute to do as well,” he said.

 Staying safe when banking online does not always require complicated steps. Sometimes, a few minutes of mindful, regular checks can make all the difference, helping Filipinos protect their accounts and bank with greater peace of mind.