Heightened Cyber Threats Loom During Holiday Season: Stay Safe Amid Rising Scams

As the holiday season approaches, the rise in online shopping activity also brings a significant increase in cyber scams. The Bank of the Philippine Islands (BPI) has issued a warning to the public to exercise caution when making online purchases during this festive period. According to BPI's statement on October 9, 2024, cybercriminals are expected to exploit the surge in holiday transactions, making it a peak time for fraudulent activities like phishing, fake websites, and online fraud.

Jonathan Paz, BPI’s Enterprise Information Security and Data Protection Officer, highlighted the urgency for consumers to be extra vigilant as cybercrime continues to be a growing concern in the Philippines. "By staying informed and cautious, we can protect our personal and financial information from falling into the wrong hands," Paz emphasized.

Scammers typically ramp up their efforts during holiday sales, when people are more focused on finding deals than on the security risks of online shopping. A Statista survey revealed that 80% of Filipinos plan to shop during holiday sales, with 70% intending to shop both online and in physical stores. This creates a perfect opportunity for cybercriminals to take advantage of unsuspecting consumers.

Common tactics during the holiday season include phishing emails that appear to come from legitimate sources, fake shopping websites designed to steal credit card information, and fraudulent messages asking for sensitive account details. These scams can lead to financial losses and identity theft, impacting thousands of shoppers.

In response to the rising threat, BPI has shared several tips to help consumers protect themselves from cyber scams. These include avoiding public Wi-Fi for online transactions, verifying the legitimacy of shopping websites, using secure digital wallets, and keeping cards and IDs in separate locations. Paz also reminded customers never to share One-Time PINs and to report lost cards or IDs immediately.

While financial institutions like BPI are doing their part to promote cyber hygiene, it’s clear that cybersecurity is a shared responsibility. Both consumers and organizations need to take proactive steps to safeguard personal and financial data.

As businesses face heightened risks during this time of year, organizations should also review and strengthen their cybersecurity posture. At Directpath Global Technologies (DGT), we are committed to helping businesses protect their systems and data from cyber threats. As a Managed Security Service Provider (MSSP), we offer solutions like Mobile Threat Defense (MTD), Extended Detection and Response (XDR), Vulnerability Risk Management as a Service (VRMaaS), and virtual Chief Information Security Officer (vCISO) support. Additionally, our advanced Artificial Intelligence Division helps us tailor cybersecurity strategies to meet the unique needs of each organization, ensuring comprehensive protection across all aspects of their operations.

In the face of increasing cyber risks, especially during the holiday season, businesses and individuals alike must remain vigilant. A solid cybersecurity strategy and ongoing awareness are essential in protecting against evolving cyber threats.

Source: Manila Bulletin