With the Christmas season approaching, Bank of the Philippine Islands (BPI) warned the public about the rise of smishing as criminals have changed their strategies and used more sophisticated technology to steal people’s money, according to a Manila Bulletin news report.
To put things in perspective, posted below is an excerpt from the news report of Manila Bulletin. Some parts in boldface…
Ayala-led Bank of the Philippine Islands (BPI) is cautioning clients about a sharp, pre-holiday surge in online banking fraud linked to smishing, noting that criminals’ tactics have evolved from simple text scams to using highly sophisticated tools to steal money.
“Consumer complaints are increasing… a lot of it is seasonal. During Christmas, when people receive their bonuses, these cases really go up,” Jon Paz, BPI enterprise information security officer and data protection officer, said during the bank’s cybersecurity roundtable with the media on Wednesday, Oct. 22.
Paz reported that around eight out of 10 online banking fraud cases last year were perpetrated through smishing attacks using International Mobile Subscriber Identity (IMSI) catchers and rogue apps.
He further noted that there were almost zero IMSI-catcher-related fraud cases in 2024, but incidents began appearing around December and skyrocketed by the second quarter of this year.
“Some of the authorities reported that those who were caught were reporting to Chinese nationals,” Paz added.
An IMSI catcher is a fake cell tower device used by scammers to intercept mobile signals and steal users’ personal and banking information.
Meanwhile, a rogue app is a malicious or fake mobile application that tricks users into granting permissions or entering credentials, allowing scammers to harvest personal and banking data.
Despite the increasing number of consumer complaints in the banking industry, Paz noted that BPI’s risk tolerance is “low—one incidence of fraud is one too many for us.”
While the bank cannot disclose its total allotment for app enhancements, BPI Chief Technology Officer Alex Seminiano stated that nearly 60 individuals are working across various functions—business, technology, and operations—to enhance the bank’s mobile app.
BPI said its mobile apps are equipped with an evolving security layer that can detect risky environments and devices, such as those that are jailbroken, use overlays, or allow side-loading, to prevent potential breaches.
Let me end this post by asking you readers: What is your reaction to this development? Are you concerned that smishing will affect members of your family or those in your local community? Were you scammed online during the past six months? How many people in your local community are aware of smishing right now? Did you receive any text messages that tried to convince you to hit the link provided?
You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.
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