CIMB Bank PH's Cybersecurity Commitment

In the ever-evolving landscape of digital transactions, the Philippines has witnessed a concerning uptick in fraudulent activities. TransUnion Philippines reported that 8.7% of digital transactions in 2022 were suspected to be fraudulent, reflecting the increasing sophistication of scams. The Philippine National Police – Anti-Cybercrime Group received 8,000 complaints between January and August 2023, resulting in an estimated loss exceeding P 155 million. This alarming trend necessitates a robust response to secure digital transactions and protect users from the escalating threat of online fraud.

Amidst this digital challenge, CIMB Bank PH stands out for its unwavering commitment to cybersecurity. Recognizing the imperative nature of safeguarding its digital-only platform and embedded finance business model, the bank invests heavily in cutting-edge security measures. Vijay Manoharan, CIMB Bank PH Chief Executive Officer, emphasizes the bank's dedication to customer protection, citing the purely digital nature of the platform and the embedded finance model as factors driving the need for stringent cybersecurity measures.

The bank's security initiatives include a real-time fraud management system, robust network and infrastructure cyber defences, and application-level security tools. These measures collectively ensure the safety of customer data and secure digital transactions, aligning with CIMB Bank PH's commitment to providing a secure financial environment.

While CIMB Bank PH implements stringent security measures, the article underscores the shared responsibility for cybersecurity. Users are encouraged to adopt behavioural changes that contribute to their protection. CIMB Bank PH advocates for the following practices:

• Pause and Think Before Acting:

  • Avoid hastily reacting to urgent messages, especially those requesting personal information. Scammers exploit panic to extract sensitive details. Pause and think before taking any action.
    

• Be Wary of Live Links:

  • Exercise caution with messages containing live links. Cybercriminals frequently use phishing emails or fraudulent SMS with deceptive links. Verify the authenticity by checking the URL and delete or report unknown sources.
    

• Avoid Oversharing:

  • Refrain from excessive personal information sharing on social media. Be cautious about participating in quizzes or memes that reveal answers to security questions. Legitimate bank representatives will never ask for sensitive information under any circumstance.
    

• Create Stronger Passwords:

  • Strengthen your accounts by using complex passwords. Opt for combinations of at least 12 characters, including numbers, letters in various cases, and symbols. Enable two-factor authentication (2FA) for an additional layer of security.
    

• Stay Vigilant and Up to Date:

  • Be aware of emerging fraud schemes and stay updated on cybersecurity trends. Transact only with legitimate e-commerce sites that have official online payment gateways.
    

In the unfortunate event of falling victim to online fraud, CIMB Bank PH provides practical steps for users. These include contacting the financial institution, changing passwords, filing a police report, and collaborating with cybersecurity NGOs. This comprehensive response plan emphasizes the importance of quick action and collaborative efforts to mitigate the impact of online fraud.

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As you navigate the digital landscape, ensuring the security of your financial transactions is paramount. Directpath Global Technologies Inc. offers cutting-edge cybersecurity solutions tailored to meet the challenges of the digital age. Our services include:

• Extended Detection and Response (XDR):

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• Vulnerability Risk Management as a Service (VRMaaS):

  • Proactive identification and mitigation of vulnerabilities, fortifying digital infrastructure against potential risks.
    

• Vulnerability Assessment and Penetration Testing (VAPT):

  • Real-world cyber attack simulations to uncover and fortify potential weaknesses in the digital ecosystem.
    

• Web Application Firewall (WAF):

  • Ensuring the security of web applications, protecting against a range of online threats.

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