Consumer Social Intelligence Safety and Security Report 2024​

Executive Summary

Philippines (EN)    |   01 Oct 2023 - 31 Mar 2024

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EMERGING TRENDS in 2024

Reports from 2023 were analysed vis-à-vis the insights in the current report and new emerging themes that stood out have been summarized below:

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Sophisticated Social Engineering Tactics by Cybercriminals​

Cybercriminals are deploying sophisticated social engineering tactics to lure individuals on some pretext and convince them to download malicious apps that steal personal data.

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Social media scams exploiting emotional vulnerability​

Emergency scams involve hackers taking over a victim’s social media account to solicit money from the victim's family and friends for a fake emergency.

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Consumer demand for enhanced transaction control ​

Consumers desire more granular and immediate transaction controls to prevent fraud and avoid frustrations with auto-debit charges.

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Focus on mobile security

There are heightened concerns among consumers over mobile security, particularly regarding authentication security measures like biometrics and passkeys to safeguard against mobile-based fraud, showcasing a growing awareness of the risks and the importance of securing personal data on smartphones.

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Executive Summary

This analysis utilises social media data to provide consumer insights on safety and security concerns regarding financial payments, along with key trends, needs and pain points.

14.9kmentions

about cards and non-card services related to digital payment safety and security.

17%increase

in bank card discussions, triggered in part due to a famous movie personality being a victim of a scam and cyber-attack on a health insurance company compromising customer’s credit card details.

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The number of non-card services conversations remains relatively similar compared to the prior 6 months.

51%decrease

in lost/stolen card discussions  because of rising awareness among consumers.

Bank Cards Updates

Booking site scams and cyber attacks for stealing personal data came up as new scams last year.

Booking site scams: Scammers pose as hotel representatives using fake booking websites to steal guests’ credit card information via phishing reservation links.

Cyber attack on health insurance company: Health insurance company reported a cyber attack resulting in the theft of customers' details, including credit card information.

Non-Cards Services Updates

New scams related to vishing scams and malicious app scams lead to long debates.

Vishing scams: Scammers with customers' cards and personal details use "vishing" (voice call phishing) to obtain additional sensitive information like bank account details and passwords, resulting in fraud.

Malicious app scams: Cybercriminals are using advanced social engineering to trick individuals into downloading malicious apps that steal personal data.

Fraud related to cyber attacks

Cyber attacks dominated discussions as a prevalent type of fraud.

Customers expressed concerns about various cyber related attacks. Out of all the fraud-type discussions for Bank Cards and Non-Card services, ~ 62% were related to cyber attacks. There were 362 total attacks in Oct 2023- Mar 2024 on banks in Philippines, 63% of which were executed through malware, pretexting and email phishing.

Issuers should adopt best practices like analyzing information to build cyber intelligence and establish a non-negotiable cyber security culture to enhance their cyber controls. 

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Executive Summary

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