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Heightened demands for online security measures

Shaping our daily lives are the technological advances we enjoy today. Our hobbies and interests, information and communications processes, personal panache, and even business methods are changing overtime because of the innovations developed time. Alas the inevitable truth steps in alongside with the comfort these innovations can offer is the uprising of safety issues that consumers experience.

Emerging and current technology trends offer vast opportunity to digital natives and digital newbies nowadays. From haptic technology comprising visual words, avatar emotions, computer generated storytelling and narrative, mixed reality, interactive holographic images to artificial intelligence, and stress disorder, visual therapies and so much more. Technology will continue to advance, empower and transform every aspect of our life. unfortunately, online also became a platform for fraudsters and phishers.

Just last year, Online Press Reuters tallied a total of 555 reported online scam cases in the Philippines while police reported 197 under-computer related like online buying-selling, investment, pyramiding and 127 under hacking. Other types of online frauds include cyber thieving, and phishing. Cyber thieves lure online users to invest in a Secure Sockets Layer (SSL) technology to make it appear a “secure” online banking websites. Phishers obtain personal information such as usernames, passwords, and credit cards.

Many online fraud cases stemmed out from unauthorized transactions from costumers’ online bank accounts, quoted The Manila Times, January 23,2018 following the hubbub of patrons against Bank of the Philippine Islands (BPI) Express online and Banco de Oro this year, grumbling about the unauthorized banking withdrawals and purchases from their bank accounts.

Recently, the Bangko Sentral ng Pilipinas promulgated pioneering guidelines on information security management and devised Security Operations Center (SOC) equipped with advanced technologies manned by competent online analysis. BSP suggested that financial institutions like bank should be required to use a two-factor authentications (2FA) to all online transactions like purchasing, withdrawals, and lending. This way, it would be impossible for potential prowlers to gain access and pilfer personal data and identity of the person.

Another solution to end this dilemma as suggested by International Business Machines Corporation is the behavioral biometric which leverages machine learning that can identify legitimate bank costumers on mouse movements and click.

Last and equally important is to be vigilant and extra prudent about divulging personal information to other people. In this age of time, gullibility is the best put off for the sake of personal safety. The best solution to combat online fraud is online awareness.


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