With the increased acceptance of cashless payment methods among stores and merchants nowadays, CIMB Bank Philippines, the most awarded digital-only commercial bank in the country, stresses the importance of smart online banking habits now more than ever.
Results from the latest Consumer Payment Attitudes study by digital payment leader and CIMB’s longtime partner Visa showed that going cashless continued to gain momentum in the Philippines. Of the Filipinos surveyed, 43% shared that they now carry less cash in their wallets because of the growing habit of using cashless and contactless payments.
CIMB believes that we all as individuals have a part to play in effective cybersecurity, and it is possible to bank and disburse money safely by practicing good online banking habits. Check out the list below and see which of your online money habits may need some updating:
Use strong passwords and change them regularly
Create strong, unique passwords for all your accounts. Utilize a mix of uppercase and lowercase letters, numbers, special characters, and even phrases. Remember to regularly update your passwords as well to minimize the risk of unauthorized access.
Stay alert to scams
Be vigilant against phishing, vishing, and smishing attempts. Scammers often use deceptive emails, calls, or texts to steal sensitive information. Remain cautious and skeptical of unsolicited communications.
Stick to using secure networks
Avoid accessing your online bank accounts on unsecured Wi-Fi networks, like those free connections offered in malls, cafes, and other public spaces. Only use connections you trust for your online banking activities to prevent hackers from intercepting your data.
Transact through official platforms only
To ensure safety, conduct all transactions and interactions exclusively through official app stores and websites. Third-party platforms may compromise your security and expose your personal information to risks, so avoid using them.
Activate multi-factor authentication
Whenever possible, activate multi-factor authentication for your accounts. This extra layer of security adds an additional barrier against unauthorized access to your accounts, as it requires multiple forms of verification.
CIMB Bank PH encourages Filipinos to take charge of their accounts and bank responsibly, so that they can focus on attaining financial security and helping them live their life purpose. To open your own CIMB account, all it takes is a few minutes via the CIMB mobile app. FIlipino citizens who are at least 18 years old need to prepare only one valid ID. Having an account gives you access to CIMB’s groundbreaking deposit and loan products as well as special offers with record-breaking high interest rates.
CIMB Bank PH is a digital-only commercial bank and is part of the Malaysia-based CIMB Group, the 5th largest bank in ASEAN.