THE number of Filipinos who use online banking services and mobile wallets have increased over the past two years as online financial transactions have increasingly become the norm.
While the convenience that digital payments offer unprecedented and unparalleled, there also comes the risk of cyber crime when making transactions and receiving payments online.
In order to keep Filipinos’ hard-earned money safe and secure from cyber criminals, WorldRemit continues to put its customers’ security at the core of its business, making sure that they can send and receive money without worry.
“WorldRemit ensures that international remittances are not just convenient and accessible for our customers, but most importantly, safe and secure amidst rising cases of cyber fraud incidents in the Philippines,” explains Earl Melivo, WorldRemit Country Director, to FrontpagePH.com. “We take cyber security very seriously and understand many of the tricks and techniques behind some of the most popular scams.”
Reducing the risk of financial crime
According to the Bangko Sentral ng Pilipinas’ (BSP) cyber threats surveillance, the top three types of cyber incidents reported in the Philippines last year were phishing, “card not present” fraud, and identity theft.
To counter cyber attacks, the BSP has published a memorandum titled “Recommended Control Measures Against Cyber Fraud and Attacks on Retail Electronic Payments and Financial Services. The memorandum provides recommendations to eliminate possible exploits, increase notifications to alert people of cyber threats, and strengthen protocols.
To make sure its customers’ money is protected, WorldRemit has taken a proactive stance towards prevention. For instance, it refuses to work with correspondent partners who lack effective controls for combatting fraud and financial crime, and additional risk-based controls are implemented for customers who need to send to destinations where there is an elevated money laundering or terrorism financing risk.
Additionally, WorldRemit collaborates with other industries and companies to share best practices and information in order to better watch over the financial transactions it processes.
“The international remittance space is exposed to several key risks, including money laundering, fraud, terrorism financing, and sexual exploitation, so working with other leading bodies to combat this is essential.” said David Dry, WorldRemit’s Regional Director for Compliance in Asia Pacific.
“Technology helps us understand and detect the known patterns of suspicious behaviour signalling the misuse of a customer account when sending money is the priority,” adds Dry.
To learn more about the safety measures WorldRemit uses, visit https://www.worldremit.com/en/faq/security-and-fraud.