Rizal Commercial Banking Corporation (RCBC) is sounding the alarm over a surge in sophisticated online fraud schemes that are targeting unsuspecting consumers and businesses. These new tactics, which often involve impersonating legitimate merchants, are causing significant financial losses.
Fraudsters are creating fake online profiles that mimic popular eCommerce platforms, offering highly sought-after products at incredibly low prices. Once consumers bite, they unwittingly divulge personal and financial information, leaving them vulnerable to identity theft and financial loss. These fraudulent sites also serve as a platform to collect sensitive data for future criminal activities.
“We’ve seen an increased usage of data breaches in social engineering and account takeovers,” warned Carlos Tengkiat, RCBC’s Chief Information Security Officer. He emphasized the potential for massive financial losses as online commerce continues to expand.
The alarming trend is exacerbated by the reuse of passwords across multiple platforms. Cybercriminals exploit data breaches to acquire stolen credentials, attempting to access various accounts using the same login information. This tactic has proven successful in allowing fraudsters to make unauthorized purchases, transfer funds, and even lock legitimate users out of their accounts.
Jericho Konrad Uy, Head of RCBC Enterprise Fraud Risk, underscored the persistence of phishing attacks, despite evolving tactics. “Cyber criminals still use the same attack vector, phishing. The difference is that they use various tactics to gain their victims’ trust faster, such as ‘riding’ on the banks’ promotions and system migrations,” said Uy in a statement.
To combat these evolving threats, RCBC has implemented robust security measures, including enhanced controls within its apps and websites to deter fraudulent activity. The bank is also actively participating in Bancnet’s program to expedite tracing and alert member banks of suspicious transactions.
RCBC is investing in advanced technology to stay ahead of cybercriminals. Artificial intelligence and machine learning are employed to analyze vast amounts of data, identifying potential fraudulent behavior patterns. In addition, the bank maintains open communication with its clients, providing regular security updates to raise awareness about the latest fraud trends.
As the digital landscape continues to evolve, RCBC remains committed to safeguarding its customers’ financial well-being by investing in cutting-edge security solutions and fostering a culture of vigilance among its customers.