Online scams are increasing and hitting more people. The Philippine National Police – Anti-Cybercrime Group noted that online scams topped the list of complaints in the past two years, with a total of 1,211 cybercrime complaints recorded from 2013 to 2015. This means that anyone can be a potential target for cyber criminals.
To protect one’s self against these cyber criminals, it is essential to harness the security tools available at one’s disposal, such as those enabled by online banking. Owning an online bank account allows you to be in full control of your finances because you can keep track of your financial transactions whenever and wherever you are. Electronic banking adds a layer of security to your bank account and lets you benefit from the constant innovation and new technologies being deployed by banks to safeguard all clients’ personal information. At the same time, these platforms allow for faster, real-time transactions for the person’s greater convenience.
To safeguard your online account, it is important to be proactive in taking precautionary measures. At the very least, one should use a strong password that has a mix of alphanumeric characters, keep online banking apps updated, disable file sharing on personal devices, protect personal information, and report online fraud.
Amid the rising number and different tactics for ATM and card fraud and various online scams, Philippine Savings Bank (PSBank) recently introduced the ATM Lock feature in the PSBank Mobile App (mobile banking facility) and PSBank Online (Internet banking facility).
The ATM Lock feature is an additional tool to ensure PSBank clients’ accounts’ safety. The PSBank ATM Lock empowers cardholders by giving them an additional layer of protection against unauthorized use of their ATM card, arising from ATM loss, theft, skimming, and other forms of electronic fraud. They simply have to activate the ATM Lock feature through PSBank Mobile or PSBank Online. Locked ATM cards may not be used for any ATM and point-of-sale transactions, and online purchases that require use of the ATM card number. Thus, if your ATM card falls into the wrong hands, it cannot be used for as long as your account is locked. On the other hand, you can still pay bills and transfer funds through PSBank Online and PSBank Mobile even while the account is locked because the transaction is originating from your personal Online or Mobile account.
The PSBank ATM Lock service is exclusively for PSBank Mobile App and Online users and for clients who have accounts linked to a PSBank Regular ATM card, PSBank Debit MasterCard, and PSBank Prepaid MasterCard.
Download the PSBank Mobile App and enroll to PSBank Online and get into the habit of locking your card!