There is no need to suspend online transactions in the wake of recent alleged fraud attacks in some banks, according to the chairman of the Financial Technology (FinTech) Alliance Philippines.
Lito Villanueva told DZRH that there is no need for such harsh measures as long as Filipinos are vigilant when making digital transactions, which he described as "very transparent."
"Hindi naman po siguro ganun kalala o ka-harsh kasi sa totoo lang po, kung tama po yung gamit at mas aware po yung Pilipino sa paggamit ng online banking o digital - ang online po pwedeng transparent," he said in an interview.
(Maybe there is no need for such extreme or harsh [measures] because honestly, if Filipinos are more aware and use correctly online banking or digital, then online can be transparent.)
"Kaya po nakikita natin, katulad nito nakita natin yung ganitong mga nangyayari sa kasalukuyan kasi po ang digital or technology ngayon ay very transparent," he continued.
(We can see, like the recent case, we saw the incident in real-time because digital or the technology today is very transparent.)
"Merong audit trail, makikita mo agad kung saan nagsimula at saan natapos ang transaksyon."
(There is an audit trail, we can see where a transaction starts and ends.)
According to Villanueva, digital transactions have grown especially amid the pandemic, but so did attempts of cyber fraud and other similar criminal actions.
To avoid falling prey to such actions online, consumers should avoid clicking suspicious links that they receive through text and email, and to refrain from entertaining calls from people they do not know.
"Ang aming tip po sa ating kababayan ay parating maging alerto at parati po dapat mag-dalawa o mag-sampung isip po kayo bago niyo po i-click ang anumang link," he said.
(Our tip to our fellow Filipinos is to remain alert and always think twice or even 10 times before you click on any link.)
"Wag na po kayong mag-click ng kung anong link na matatanggap niyo sa inyong SMS o sa inyong email or wag pong magpa-engganyo sa anumang tawag na hindi naman ninyo kilala."
(Don’t click any link that you receive in your SMS and email, or don’t entertain any calls from people you don’t know.)
Villanueva underscored that the goal of banks is always on consumer protection, and assured that the incident involving Banco De Oro is currently being investigated by the bank and the Bangko Sentral ng Pilipinas.
