Benise Balaoing

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<p>MANILA -- Banks need to beef up their cybersecurity to effectively fight back against financial phishing, a cybersecurity firm said Monday.</p><p>In a statement, Kaspersky said financial phishing is no longer just a consumer issue but a direct attack on an institution&#x27;s credibility and operational integrity.</p><p>“Banks must view phishing as a strategic risk,&quot; said Kaspersky head of sales for Asia Emerging Countries Sam Yan. &quot;It’s not just about blocking suspicious emails anymore, it’s about building cybersecurity awareness across all levels of the organization and hardening digital infrastructure against deception.&quot;</p><p>To protect their cybersecurity infrastructure, banks must keep their software and systems updated, and use strong passwords for their network.</p><p>Kaspersky also urged banks to educate their staff on avoiding phishing attacks.</p><div><a href="https://www.abs-cbn.com/business/2024/8/15/more-ph-firms-now-aware-of-importance-of-cybersecurity-fortinet-1443" rel="noopener noreferrer" target="_blank">More Philippine companies now aware of importance of cybersecurity: Fortinet</a></div><p>The company noted that in 2024, there were 38,370 phishing attempts linked to financial scams in the Philippines.</p><div><a href="https://www.abs-cbn.com/news/technology/2025/4/8/organizations-stress-importance-of-cybersecurity-boost-in-ph-amid-emerging-threats-2323" rel="noopener noreferrer" target="_blank">Organizations stress importance of cybersecurity boost in PH amid emerging threats</a></div><p>The Bangko Sentral ng Pilipinas (BSP) has asked banks and e-wallets to comply with new requirements for fraud management systems (FMS) under RA 12010 or the Anti-Financial Account Scamming Act&#x27;s (AFASA) implementing rules.</p><p>The minimum requirements are automated and real-time fraud monitoring and detection systems to block fraudulent online transactions.</p>

<p>Banks need to beef up their cybersecurity to effectively fight back against financial phishing, a cybersecurity firm said.</p>

Banks need to beef up their cybersecurity to effectively fight back against financial phishing, a cybersecurity firm said.

Banks urged to beef up cybersecurity amid more incidents of financial phishing

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Banks urged to beef up cybersecurity amid more incidents of financial phishing

Benise Balaoing,

ABS-CBN News

Published July 14, 2025 02:40 PM PHT

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