How having an all-digital bank account can protect you from fraud

CIMB Bank Philippines

Posted at Apr 13 2020 01:50 PM | Updated as of Apr 13 2020 05:58 PM

Bank fraud, may it be through credit cards or online transactions, is already evident in the country as it has victimized thousands of Filipinos. This act happens when a person uses an unauthorized fund from another person's bank account, seizing the victim's financial information for criminal transactions and purchases. 

Recently, there had been reports that scams of fraud and phishing have increased during the Luzon-wide enhanced community quarantine with scammers taking advantage of the current situation to dupe consumers into sharing their One-Time-Password (OTP) via text messages or emails.

One way to protect yourself from these situations is by arming yourself with a credible bank that puts your money's safety and security as their top priority through digital innovations. 

An example is through CIMB Bank Philippines, an all-digital mobile-first bank that takes extra measures in ensuring that their account-holders are protected.

It is equipped with the following features to tackle fraud and identity theft: 

1.    MPIN or Mobile PIN
Account holders are to set a 6-digit combination as a form of verification for every transaction on the app. When there is movement in your account, it notifies you real-time via app-push notifications, SMS, and/or electronic direct mail (EDM) to ensure protection from fraud.

2.    Biometric Login
Allows you to access your money on the app through fingerprint or facial recognition.

3.    1 User, 1 Device
A one-device policy set in place by CIMB Bank PH to ensure that your account is tagged only to one device at a time.

4.    Selfie Check
An artificial intelligence (AI)-driven identity verification technology that is used to ensure that the person behind a digital transaction is you. This platform uses a certified liveness detection and face-based biometrics by matching your live selfie with the photo shown on your government-issued ID. 

CIMB Bank was able to do all this by partnering with an identity verification solutions company based in the United States to develop the CIMB Bank PH mobile app. 

Aside from these digital banking solutions, the CIMB Bank PH mobile app also paves way for you to open a savings account and apply for a personal loan without the hassles of traditional banking methods. No more waiting in long lines and processing an extensive list of requirements—as a digital bank, it has made banking more convenient and accessible with just a few touches of your fingertips. 

Product Offerings

1.    UpSave Account 

When opening an UpSave account with CIMB, account holders can enjoy 4% per annum interest rate, paid out at the start of every month—that is 1600% higher than other major banks in the country. Absolutely no conditions and promo period are needed to open an UpSave account.

It also allows its account holders with a minimum average balance of P100,000 to get up to P2 million worth of free life insurance coverage with no fees, monthly premiums, or medical check-ups required.

CIMB Bank PH also offers other savings account products such as GSave and Fast Plus—the former is available through a partnership with e-wallet GCash that can provide as high as 4.1% interest, while the latter can exclusively be applied for on the mobile app. 

2.    Personal Loans
You can easily apply for a loan on the CIMB Bank PH app. Applications between P30,000 and P1 million, deposited in the bank of your choice anytime with no processing fee or hidden charge asked from you. 

3.    Transaction Partners
In line with its goal of ushering more Filipinos into financial inclusion, CIMB Bank also formed strategic partnerships with local payment gateways and convenience partners to easily transition customers to the all-digital banking model. 

It has partnered with Bayad Center, 7-Eleven Philippines, PesoNet, and DragonPay to give customers access to over 8,000 convenience locations for over-the-counter transactions. It also offers accountholders the convenience of withdrawing from over 20,000 ATM machines nationwide for free, via a VISA PayWave Debit Card, given to Fast Plus Account holders.

All these efforts add to CIMB's global foot print and leading position in the Southeast Asian region since its establishment in December 2018. They have since onboarded over 2,000,000 customers and has bagged nine international awards including: Global Finance & Banking Review's 2020 Best Digital Bank in the Philippines, Global Finance's Best Digital Consumer Bank, Asian Banker's Best Digital Bank, and International Finance's Fastest Growing Digital Bank Award in 2019. 

It is also the newest member of the CIMB Group, one of Southeast Asia's leading banks, present in over 16 global markets, making it possible to transform the Filipino banking experience in many ways possible. 

Shifting to digital banking is understandably not an easy feat due to the many risks of fraudulent activity, but with the right bank, it can make for a better banking experience.

Download the CIMB Bank PH app now on Apple and Google Play stores. To know more about CIMB Bank PH, click here.

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