The Bank of the Philippine Islands strengthens its cybersecurity measures and promotes responsible digital banking as it marks 175 years
The Bank of the Philippine Islands (BPI) continues to strengthen its cybersecurity measures and promote responsible digital banking as it marks 175 years of serving generations of Filipinos.
As digital banking becomes a bigger part of everyday life, protecting customers takes more than securing transactions. It also means keeping pace with emerging threats and helping customers recognize risks when banking online.
“Cybersecurity is not about responding to threats after they happen. It requires financial institutions to anticipate risks, continuously strengthen their defenses, and work together with the broader ecosystem to address fraud. As digital banking evolves, protecting customers means making security an ongoing priority, not a one-time effort,” said Jon Paz, head of enterprise information security and fraud risk management at BPI.
THE SCAM LANDSCAPE
While banks keep strengthening their defenses, customers also need to know how to protect themselves. Scammers use deceptive messages, suspicious links, and social engineering tactics to trick people into sharing sensitive information or authorizing transactions.
Banking industry data shows the extent of the challenge. Social engineering schemes account for nearly 39 percent of fraud transactions and 36 percent of fraud-related losses, showing how fraudsters exploit human behavior alongside technology.
Among these threats, vishing, or voice-based scams, remains the most prevalent at more than 21 percent of reported incidents. It is followed by:
- Malware and rogue applications: 7.5 percent
- Smishing, or SMS-based scams: 3 percent
- Phishing emails: 2 percent
By posing as legitimate institutions and creating a sense of urgency, fraudsters often convince people to disclose sensitive information or authorize transactions. This makes awareness and vigilance critical lines of defense against financial fraud.
WORKING WITH AUTHORITIES
BPI works with the Philippine National Police Anti-Cybercrime Group (PNP-ACG) and the Department of Information and Communications Technology’s ICT Literacy and Competency Development Bureau (DICT-ILCDB) to strengthen cybersecurity awareness and help address online fraud. The bank also implements measures under the Anti-Financial Account Scamming Act (AFASA), or Republic Act No. 12010, which provides safeguards against financial account scams and related offenses.
SAFEGUARDS IN THE BPI APP
Through its mobile app, BPI continues to strengthen its digital security with customer-focused safeguards designed to help prevent fraud and unauthorized account access:
- Mobile Key Authentication: Replaces traditional SMS OTPs with device-based authentication using a PIN and biometrics linked to a trusted device.
- Mandatory Cool-Off Periods: Adds a verification window for certain high-risk account changes, helping customers detect and report unauthorized activity before transactions are completed.
- Integrity Checks: Identifies potentially unsafe environments and restricts access from rooted devices or VPN-enabled environments that may present elevated security risks.
- Masked Names: Limits the visibility of personal information during BPI-to-BPI fund transfers while maintaining transaction transparency and security.
AWARENESS AS PART OF SECURITY
“Making digital banking safer is not just about the technology behind it. Customers also need to understand the risks and feel confident making decisions online. When people know how to recognize suspicious activity and take the right precautions, they are better equipped to protect themselves. Building that awareness is an important part of helping more people bank digitally with confidence,” said Fitz Chee, head of consumer platforms at BPI.
By strengthening its cybersecurity measures and helping customers make informed decisions online, BPI continues to support safer digital banking.