BAP to public: Beware of cyber scams, keep bank account information confidential, secure

MANILA, Philippines— The Bankers Association of the Philippines (BAP) on Friday reminded the banking public to keep their bank account information secure and confidential amid reports of fraud in the form of unauthorized bank withdrawals and fund transfer scams. 

“Huwag magbigay ng mga impormasyon tungkol sa ating bank account [na] personal identifiable information. Iyan ho ‘yung ating pangalan, date of birth, password at ano pang bagay na magpapatunay ang pagkatao ni Juan dela Cruz,” BAP President Jose Arnulfo Veloso said in an interview on ABS-CBN’s TeleRadyo on Friday.

(“Do not give personal identifiable information about your bank accounts. This includes your name, date of birth, password and other details which can verify one’s identity.)

The group has earlier estimated that over P1 billion worth of hard-earned money was lost this year due to fraud, including unauthorized withdrawals and fund transfers.

Veloso pointed out that scammers who get hold of an individual’s basic information like the telephone number, e-mail address and date of birth, may be able to guess the password of his or her bank account using an algorithm.

“Kaya parati namin sinasabi gawing secure ang password at huwag ibinibigay ang kahit na anong impormasyon kahit kanino,” he said.

(“That is why we’re always saying that people should create secure passwords and that they should not give out their information to just anyone.”)

Veloso said that they are working with the Justice department in addressing cybercrime issues.

gsg