So you think phishing won’t happen to you

So you think phishing won’t happen to you

            This COVID-19 pandemic is a prolonged feast for cyberscammers. For them the massive shift to online shopping created an ocean of potential victims. Easy migration of everyday activities to the Web has kept us safe at home. But it also enticed conmen to diversify their schemes.

            Figures from the Bangko Sentral ng Pilipinas dramatize the situation. During the strict ECQ lockdown of Mar. 15-May 18, 2020, an overwhelming 98.4 percent of all crimes reported were cyber in nature.

            In all P60.6 million were lost to online criminals. That’s more than half, 54.5 percent, of total bank losses from various causes during the two months.

            The BSP culled from banks’ Reports on Crimes and Losses:

• Four in five incidents, 80.5 percent, were related to credit cards and internet banking;
• Majority of cases were via phishing emails and malicious websites, some even disguised as COVID-19 campaigns.

            Emerging soon after emails did, phishing continues to evolve with technology. Phishers used to be amateurish; abundant grammatical errors in emails and crude websites gave them away. Eg., the Nigerian prince scam.

            Not anymore, warns Jonathan Paz, Bank of the Philippine Islands data protection and enterprise jnformation security officer. Phishing emails these days are tailored for specific audiences and leverage on real-world events. New schemes constantly are concocted.

            Banks and telcos combat phishing sites. Texts and other correspondence drum up awareness and advise on latest scams. Globe and Smart Telecoms frequently remind customers against impostors offering to replace SIM cards, fake surveys and raffle rewards, and unverified callers asking for one-time PINs (OTPs). At the peak of the lockdown from March to August 2020, BPI detected and helped take down almost 2,000 phishing sites.

So you think phishing won’t happen to you

            The BSP recently announced to tighten its digital financial supervision. New technologies and regulations are to be adopted for digital banking, cloud computing, and virtual asset servicing.

            Banks continually invest in new processes, Paz says. He exemplifies BPI’s Mobile Key. Clients can transact using mobiles keyed specifically to their accounts. Biometrics, either fingerprint or face scan, enable logins. OTPs are texted and emails alert them upon login for extra security.

            Who are the common victims of phishing?

            A study profiled them. Less likely to fall prey are those who encountered and took time to understand awareness drives. As well, those who are more conscious of cybercrimes and skeptical of unusual promos.

            Those who readily agree and trust are scammed.

            Complacency is a pitfall, says Paz. People mistakenly believe that “it will not happen to me” or “this is something that happens only to others”. Then, wham!

            How to detect phishing emails? One, make it a habit to look at the sender’s email address. A legit email usually comes from a familiar domain. For instance, Paz says, official BPI electronic correspondence use the domain “@bpi.com.ph”. Two, most banks will not ask for sensitive info, such as online banking login name and password, credit card details, and OTPs. Anyone who asks for those is a fraudster.

            Vigilance is key to self-protection, since online shopping is here to stay.

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            With the continuing lockdown, government is practically making all citizens go online. Not only techno-nervous adults are forced to learn the basics. Schoolchildren too must attend online classes or be left behind. Some oldsters can’t get the hang of transacting via the Net, but they at least know how to video-call family and friends.

            Yet the government itself is not fully digitalized. Many agencies still require face-to-face, window-by-window filing for even the simplest clearances. In renewing a driving license or securing a permit to travel home from stranding, only appointments can be set online. What more with complex dealings from which the government stands to earn big but the citizen or company is unable to transact safely from in-place.

            Bureaucrats complain that connectivity is so bad that it doesn’t pay to digitize. On the other hand Internet service providers invest and expand based only on market prospects.

            Since it’s the duty of government to ensure ease in doing business, it should break the impasse. Wire itself, and watch the industry grow.

            Studies show that economies thrive when governments digitize. GDP per person permanently increases by one percent. Meaning, if the Philippines’ 2018 GDP were constant, each of the 108 million Filipinos would be producing P1,552 more per year. In short, prosperity.

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So you think phishing won’t happen to you