Preventing bank frauds

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• Bank frauds have surged this year resulting in over one billion pesos in losses mostly due to unauthorized transfers and withdrawals. The volume of cybercrimes this 2021 is also three times higher compared to 2019

• A study by the Bangko Sentral ng Pilipinas shows one in 100 Filipinos have been a victim of investment scams. Five in 10 Filipinos also obtained loans from informal money lenders. How can we avoid falling prey to scams and risky lending schemes?

• The central bank wants the Philippines to be a cash-lite society by 2023, where 50 percent of all transactions are done online