Bank of the Philippine Islands strengthens its cyber security measures and promotes responsible digital banking as it marks 175 years
The Bank of the Philippine Islands (BPI) continues to strengthen its cyber security 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 requires more than securing transactions. It also means keeping up 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 wider ecosystem to tackle 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 BPI.
THE SCAM LANDSCAPE
While banks strengthen 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 fraudulent transactions and 36 percent of fraud-related losses, demonstrating how fraudsters exploit human behavior alongside technology.
Among these threats, vishing or voice-based scams, remains the most common at more than 21 percent of reported incidents. It is followed by:
- Malware and malicious 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 divulge sensitive information or authorize transactions. This makes awareness and vigilance critical lines of defense against financial fraud.
WORK WITH AUTHORITIES
BPI is working 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 boost cybersecurity awareness and help tackle online fraud. The bank is also implementing measures under the Anti-Financial Account Scamming Act (AFASA), or Republic Act No.
SAFEGUARDS IN THE BPI APP
Through its mobile app, BPI continues to strengthen its digital security with customer-focused security measures designed to prevent fraud and unauthorized account access:
- Mobile key authentication: Replace traditional SMS OTPs with device-based authentication using a PIN and biometrics linked to a trusted device.
- Mandatory cooling off periods: Add a verification window for certain high-risk account changes, helping customers detect and report unauthorized activity before transactions are complete.
- Integrity checks: Identify potentially insecure environments and restrict access from rooted devices or VPN-enabled environments that may present increased security risks.
- Masked names: Limit the visibility of personal information during BPI-to-BPI fund transfers while maintaining transparency and security.
USED 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 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 cyber security measures and helping customers make informed decisions online, BPI continues to support safer digital banking.