• By The Financial District


The Bankers Association of the Philippines (BAP) umbrella organization of universal and commercial banks has released tips on how to safeguard the public's mobile banking experience.

Citing a Digital 2019 report of Hootsuite and We Are Social that  found that in 2018, Filipinos are the world’s heaviest Internet users, the BAP issued a six-point tool kit for safe mobile banking as  54% of Filipinos use their mobile Internet for mobile banking, and for good reason: mobile banking saves a lot of time and energy.

The six-point tips are:

1. Protect your passwords

For any account you need a password for, it’s advisable to change your passwords regularly, and to create strong passwords to deter potential hackers! Additionally, avoid using the auto log-in feature on your devices, in case these get lost or stolen.

2. Don’t use a shared network or a shared computer

It is important when checking your bank account to use a private, secure network. As much as possible, don’t check your bank account when using public WiFi or public computers, as these may be traced back or attract nearby hackers.

3. Utilize two-factor authentication

Two-factor authentication is a method by which an app or website user provides two pieces of evidence to prove their identity. Usually, this comes in the form of the password, followed by a One-Time PIN (OTP) number sent to the user’s phone number for confirmation. Make sure to enable this mechanism if you haven’t already!

4. Download your bank’s mobile app

By using the mobile app, you can bank on the go. Aside from that, you can regularly monitor your account in case an unauthorized transaction happens. Banks usually send an email or a text alert notifying users if a withdrawal has been made, which helps if you know if something is amiss.

5. Don’t fall for “smishing” schemes

A distant cousin of online phishing, “smishing” usually involves receiving a legitimate-looking text message that asks you to either click a link (with malware attached) or send personal info. Some smishing schemes masquerade as your bank and request for your account and pin numbers, so be wary!