NBI asked to sustain consumer protection vs bank fraud
A CONSUMER group on Tuesday commended the National Bureau of Investigation (NBI) for working with Philippine banks and the Bangko Sentral ng Pilipinas (BSP), which allowed the holiday season to pass without any major incident of bank fraud taking place.
ACTION (Action for Consumerism and Transparency in Nation Building) Secretary General Jake Silo said the group was relieved that the NBI heeded their call to be “extra vigilant” during the Christmas season because it is during this time that criminal syndicates tend to prey on Filipinos’ hard earned money, especially once OFW (overseas Filipino worker) remittances and 13th-month pay are deposited in their bank accounts.
“The NBI deserves attention not only when crime breaks out but also when the very real possibility of widespread bank fraud during the Christmas season was prevented. We are aware that the NBI has been working with the BSP and all the major banks to ensure that all measures are taken to stop financial hackers from attacking, especially during the holiday,” Silo said.
He added, “the fact that there were none reported means the NBI is on top of the situation. For that, the agency deserves to be commended.”
Silo said while the public can heave a sigh of relief for now, authorities should still sustain their efforts in going after these syndicates, which tend to look for new ways to hack into the accounts of unsuspecting depositors.
“What we are dealing with are criminals with international connections. Experience tells us that they can be very creative in looking for loopholes that they could take advantage of. Banks and law enforcers need to be on guard so they [can] thwart any opportunity for fraud,” Silo said.
In this regard, ACTION asked the NBI to investigate the so-called “massive glitch” that was reported at the start of 2023 by depositors of a leading bank, which resulted in wrong bank statements online and ultimately prevented their clients from transacting their accounts.
“Glitches should never be shrugged off anymore as unrelated incidents. These are red flags [that necessitate] a deeper investigation, not just by the bank but by the BSP and the NBI. The widespread glitch reported a few days ago by the clients of this bank should be taken seriously as this may be an attempt by syndicates to hack into the accounts of depositors,” he said.
Silo also recommended the NBI and BSP come up with an information campaign to educate the public against bank fraud. He said one of the best ways to prevent this crime from happening is by having the government inform the public of the modus of criminals so the public could protect themselves against their activities.
“The government should involve the depositors in the fight against bank fraud. “The people should know how to spot fraudulent transactions, and they should know how to contact the NBI and BSP once they suspect criminal activities,” Silo said.
Silo said a lack of public awareness, coupled with “misinformed” use of social media, has placed many bank depositors at further risk of being targeted by online criminals.
