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Aneth Ng-Lim, Paying It Forward

Aneth Ng-Lim

<div><br/></div><p>Last week, the world woke up to IT chaos.  A software update from CrowdStrike, a cybersecurity company, affected many computers running on Microsoft Windows.  It led to a worldwide IT outage and if we look at the news, it seems nearly all industries were affected.  Airports were hit, flights were canceled, online and electronic channels of banks were down, some TV stations went offline, and even doctors’ offices were disrupted.</p><p>Philippine companies were not spared, as some banks and airlines also experienced a slowdown or shutdown.  There were longer queues at bank branches, and delays in the crediting of funds, while some financial services were not accessible.  Flights were canceled, or delayed, as airlines switched to manual mode to process onboarding passengers.</p><p>And while some say this may be the largest IT outage in history, it’s not the first, and likely won’t be the last.  To be better prepared for the next one, here are some tips you can consider when it comes to financial transactions.</p><div><br/></div><div><strong>#1 Check the news, then check with your bank</strong></div><p>Let reputable media sources do their job by reporting the facts about the IT outage.  Then take that information to your bank and see their response.  Your bank may tell you that they are not affected, so no need to panic.  If your bank is affected, they will also inform you of the extent of the impact and what you can do in the meantime.  Listen to your bank and to advisories from regulators such as the Bangko Sentral ng Pilipinas, Insurance Commission, Department of Finance, Department of Information and Communications Technology.</p><div><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/lOuwpxxx3E0?&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span><br/></div><div><strong>#2 Check your account/s too<br/></strong></div><p>Try to log into your account the usual way.  If you use mobile banking, try the app and see.  If it doesn’t work, use a laptop and log in via online banking.  Still no luck? Time to call the customer hotline, or if the wait time is long, see if you can visit a branch.  While a bank may have problems with its mobile app, or online site, or customer hotline, or its branch, it’s unlikely that all 4 channels will be unavailable.  You can also try using an ATM, and better if it’s your bank’s and not a network’s.  </p><div><br/></div><div><strong>#3 If you can’t reach your bank<br/></strong></div><p>Well, if there is a widespread IT outage, you are not the only one who will try to call or visit the bank.  If the branches are crowded, and you can’t get through the phone, you can check their social media accounts.  They will likely post updated information to manage their customers.  Banks are also known to issue statements through the press, so again, seek out reputation media sources to be notified.</p><div><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/8Wqwmkl_QSQ?&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span><br/></div><div><strong>#4 Get the cash you need<br/></strong></div><p>With no idea when the outage will be solved, having cash will help ease your worries.  Withdraw the amount you will need for a few days or a week, so you can stay current with your bills.  You can also issue checks for payment as long as you know that you have the funds in your account.</p><p>If ATMs are down, visiting your bank’s branch is your best bet.  Better if it is the branch where you opened the account, so they will have your manual records on file.  Expect a crowd of people who also need cash, so make plans to be there for a while.</p><div><br/></div><div><strong>#5 With service restored, check your accounts</strong></div><p>Once the IT outage is handled, log in and check all your accounts for any suspicious transactions so you can report to your bank right away.  If everything looks okay, don’t relax yet – watch your accounts in the next few days or weeks.  Sadly, chaos is a great time for fraudsters to exploit the weaknesses in security systems.  Change your passwords immediately after access to your accounts are restored.</p><div><br/></div><div><strong>#6 Were your charged bank fees? <br/></strong></div><p>You may have been charged some fees during the outage.  Maybe for checking your account balance using network ATMs too many times?  Or attempting to withdraw from network ATMs?  Whether the withdrawals are successful or unsuccessful, you can try and ask your bank for waivers.  After all, their lack of service led you to use network ATMs, and to use it more often than usual.</p><div><br/></div><div><strong>#7 Prepare for the next outage  <br/></strong></div><p>When it comes to your accounts, you need to always stay on top of your money.  The best way is to take note of your available balance, especially if you make a lot of fund transfers.  Make it a habit to check your account daily (if you have many transactions), weekly, or monthly.  Check if all the debits and credits are known to you, and keep an eye on the available balance.  This way, if the next outage happens, you are armed with the right information to challenge your bank for missing money, if any.</p>

<p>To be better prepared for the next one, here are some tips you can consider when it comes to financial transactions.</p>

To be better prepared for the next one, here are some tips you can consider when it comes to financial transactions.

IT outage? Here are 7 things you can do to keep your money safe

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IT outage? Here are 7 things you can do to keep your money safe

Aneth Ng-Lim

Published Jul 23, 2024 12:50 PM PHT

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global IT outage

Microsoft outage

CrowdStrike

personal finance

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e-wallet

online banking

Aneth Ng Lim

Paying It Forward

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