Cybercriminals have stolen P1 billion so far this year via unauthorized withdrawals and bank transfers, according to the Bankers Association of the Philippines (BAP).

According to Ramon L. Jocson, vice chair of the cybersecurity committee at BAP, cybercrime incidents have more tripled since 2019. He also thinks Php1 billion loss is only a shy estimate, as there have been fraud cases where victims don’t bother to report their losses.

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The rise in cybercrime has been observed as digital transactions became the preferred option for consumers, especially during these pandemic times when lockdowns are forcing everyone to avoid close physical contact.

Among notable victims of cybercrimes include Sen. Sherwin Gatchalian, whose credit card was used by hackers to do unauthorized transactions amounting to Php1 million.

To prevent more consumers from falling victim to cybercrimes, the BAP has partnered with the Kapisanan ng mga BrodKaster ng Pilipinas to launch an informative campaign and increase cybercrime awareness.

Source: Inquirer

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