Insider Spotlight
With the holiday season approaching, cybersecurity experts warn that scammers exploit trust, emotional vulnerability and financial pressures to steal money that families have worked hard to earn.
"What we wanted to do is step back from the bar graph, big numbers, and take a zoom into the actual family that gets victimized and how their life gets shaken up," IDfy Philippines country head Raghu Chandrasekhar said in an interview with Insider PH.
The company recently launched Chaos in Cavite, a graphic novel depicting how a retired banker loses his lifetime savings through a relationship-based scam. The story illustrates how criminals patiently establish trust before draining victims' accounts.
The book will be available to the public digitally for free via https://idfy.ph/chaos-in-cavite-book.
Trust becomes a weapon
"These syndicates also build trust. And then, when you think you've built the trust, it's when they attack you. So, you really have to be watchful and be alert all the time. Never let your guard down," Chandrasekhar added.
The risks are intensifying as artificial intelligence (AI) enables criminals to create convincing fake identities and impersonations.
"I think AI is a double-edged sword. It helps organizations become more agile. AI can also help crime syndicates become faster. So, I think it's only going to get worse," he added.
Protecting hard-earned savings
Filipino workers should verify unfamiliar sellers, avoid suspicious shopping links, never disclose one-time passwords and independently confirm urgent requests for money, even from seemingly familiar contacts.
They should also avoid sharing bank accounts with strangers, scrutinize unusually attractive holiday offers and immediately report suspicious transactions to their financial institutions.
Education and vigilance
"Education is super important. The other side is how the financial institutions are investing in technology to keep up with the criminal syndicates and to set up the right guardrails to ensure that common Filipinos don't lose money. And at the end of the day, it's best efforts from both parties, " he said.
For Filipino families, protecting digital transactions ultimately means protecting their livelihoods and financial security as well as peace of mind during the holidays.
Trust technology company
IDfy Philippines is the local arm of India-based trust technology company IDfy, which specializes in identity verification, fraud prevention, regulatory compliance and risk intelligence solutions.
The company serves major Philippine banks, financial technology firms, digital payment providers and telecommunications companies, helping them strengthen customer verification and protect users against financial fraud.
Among its prominent clients in the Philippines are BDO Unibank, Bank of the Philippine Islands, Rizal Commercial Banking Corp., GoTyme Bank, GCash, PalawanPay, PayMongo, Smart Communications, Angkas and foodpanda. —Vanessa Hidalgo | Ed: Corrie S. Narisma
