Phishing-related fraud accounts for almost 40% of reported banking fraud cases, according to the Bank of the Philippine Islands (BPI), citing the latest industry data.
“Scammers use different methods, including voice phishing, email phishing and quishing, or QR code phishing, to deceive victims and gain access to their money,” Paz said at BPI’s Cyber Awareness Month forum.
Data from the Bankers Association of the Philippines showed vishing, or voice-based scams, made up more than 21% of reported incidents. Malware and rogue apps came next at 7.5%, smishing or SMS scams at 3%, and phishing emails at 2%.
Paz said criminals trick customers into revealing their user IDs, passwords and one-time passwords (OTPs) through fake websites, calls and messages, allowing them to take over mobile banking and e-wallet accounts.
In quishing, fraudsters pretend to be legitimate businesses and send QR codes that redirect payments to accounts they control. Paz cited summer cases where scammers posed as resort employees and sent QR codes to people booking reservations, and victims paid fees believing they were dealing with real establishments.
See also: What is ‘vishing’ and how to avoid it?
Other schemes include task and employment scams. In task scams, fraudsters offer small payments, such as Php50 for liking social media pages, then ask victims to send larger amounts for bigger promised rewards. In employment scams, they pose as company HR staff and demand processing fees, with Paz recalling cases in the southern Philippines where scammers asked applicants to pay Php2,000 for supposed jobs at BPI.
Paz urged customers to watch out for suspicious calls, messages, links and payment requests, especially those asking for sensitive banking details.
BPI partners with the PNP Anti-Cybercrime Group and the DICT’s ICT Literacy and Competency Development Bureau to boost cybersecurity awareness, and applies safeguards under the Anti-Financial Account Scamming Act (AFASA), or Republic Act No. 12010.