Online banking threats rising in Philippines: study


Posted at Jul 02 2016 05:22 PM | Updated as of Jul 04 2016 08:27 PM

MANILA – Security threats to online banking in the Philippines are on the rise, internet security firm Trend Micro said Saturday, as it advised lenders to fortify their defenses.

The Philippines is the third most affected country when it comes to online banking fraud and accounts for eight percent of malware, Trend Micro said, citing data from its client network.

The country is ranked 9th out of 39 Asia-Pacific countries in terms of preparedness for cyber attacks, it said.

“Cyber attacks will not simply go away,” said Trend Micro country director Ian Felipe. “Organizations need to rethink their security strategies. Threats will continue to evolve in sophistication and aggressiveness.”

Computer malware that steals passwords and personal details still finds its way into local computer systems, Trend Micro said.

Last month, the Bangko Sentral ng Pilipinas (BSP) reiterated its warning against identity theft after an unprecedented breach on the country’s voter database exposed personal details of 55 million people.

In April, the BSP revealed that it foiled an attempt to hack its website, two months after hackers shifted $81 million from the central bank of Bangladesh to a Rizal Commercial Banking Corp (RCBC) branch in Makati City.