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EastWest shares how to Protect yourself easily from these banking scams

EastWest Bank shares how you can protect yourself easily from these banking scams as Scammers are trying many different methods to steal personal information and money

 

Photo by Bermix Studio on Unsplash

The rise of digital banking solutions, such as banking apps and online transactions, means that digital banking fraud is also on the rise. Scammers have come up with different digital methods to try and steal people’s personal information and money, which is why constant vigilance is needed as we navigate the internet.


In order to remain vigilant, you also have to know the threats you’re up against. “People are usually the first line of defense from these attacks, so you have to know what you’re dealing with,” said Joey A. Regala, EastWest Chief Information Security Officer.


For everyone’s protection and information, here are three scams going around right now that people should be mindful of:



1. The BSP scam


In this scam, a website claiming to be that of the Bangko Sentral ng Pilipinas (BSP) alerts the user that their “card” (it does not specify which) is “at risk.” The site claims that the user has to submit a photo of any of their government IDs, or asks for their sensitive personal or account information, such as card numbers, the CVV security codes on the back of your credit/debit cards, usernames and passwords, and One-Time Passwords (OTPs).


The BSP has already released a statement saying that they will never ask people for any personal or account information, so sites and messages asking for such are obviously fake.



2. The account deactivation fraud


This scam involves a message claiming to be from your bank, saying that your “account” will be deactivated if you do not verify your personal information. The message might use elements such as the bank’s logos and official brand images to try and convince you that it is real.


As always, this is one fraud that’s easy to spot—banks will never ask you to share that kind of information, as it’s likely already in their database. The only time banks will ask you to verify information is if you initiated a transaction that requires them to confirm your identity; even then, they will not ask you to confirm sensitive information, such as your card number or CVV security code.


3. The BancNet scam


Similar to the BSP scam, this particular fraud sees a user receiving an SMS from someone claiming to be BancNet, the Philippine network of banks and ATMs, asking for the same kind of personal information needed to access funds on your bank account.


BancNet has also released a statement saying they will never ask for this information, so if you receive such a message, ignore it and immediately report to your bank.


If these various frauds and scams seem too similar, that’s because they are. “The objective of all the scams is to steal your username, password, card number, and CVV,” said Regala. “Always remember: only you should have this information—never share this with anyone else.”


If you encounter these scams, do not share your sensitive personal information under any circumstances. Should your card or account be compromised, immediately change your EastWest Online and/or Mobile Banking passwords, call the customer service hotline at 8888-1700, and have your debit/credit card blocked.

     

For more updates and information on the latest banking frauds and scams, follow EastWest on Facebook at facebook.com/EastWestbanker, or visit eastwestbanker.com.


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