In a statement on Tuesday, Kaspersky said its fraud detection reports that the finance industry experiences the most damage from online fraud.
Scammers are increasingly able to steal personal data, take over accounts, open new ones, and even apply for credit, causing significant financial losses. Fraudsters use these compromised accounts to make purchases, create money mules, and launder money.
Despite these risks, 82 percent of users don’t switch banks due to the convenience of banking apps, and 95 percent still trust their data is secure.
In the second quarter of 2024, Kaspersky detected over 3.67 million cyberthreats in the Philippines, with 30.2 percent of users affected. During the same period, 208,073 cyber incidents originated from Philippine servers, representing 0.04 percent of global threats.
Managements’ view
“The amount of trust people put into online banking places heightened responsibility on financial institutions to maintain strong security measures,” said Yeo Siang Tiong, general manager for Southeast Asia at Kaspersky.
“We support BSP’s efforts to enhance cyber resilience in the financial services sector. Our data shows that cybercriminals are actively targeting the country, which underscores the urgent need for robust frameworks to mitigate risks and protect both financial institutions and their customers,” Yeo added.
