CIMB Bank Chief Technology Officer Eric Concepcion on How You Can Bank More Safely Online

In the era of digitization, online banking has become a popular way for Filipinos to manage their finances. With convenience and speed at their fingertips, users can access their accounts and make transactions with ease. However, this also means that they are vulnerable to cyber threats, such as hacking, phishing, and identity theft. As we celebrate Safer Internet Month, here are some tips from CIMB Bank PH’s Chief Technology Officer Eric Concepcion on how Filipinos can bank more safely online.?

Your favorite lines and lyrics as passwords: Use pass-phrases?

One of the easiest ways for hackers to gain access to your bank account is by cracking your password. To prevent this, it is essential to use a strong and unique password for each of your online accounts. A common tip is to create strong passwords by using a combination of upper and lowercase letters, numbers, and special characters, but Eric also suggests getting more creative with passwords through password phrases.??

“In addition to using various alphanumeric characters, you can also try using phrases from your favorite TV shows, books, or songs as password,” shares Eric. “They will be harder to crack for fraudsters, but remain memorable to you given the sentimental or memorable value they have.”?

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Not only for work: Use a VPN when banking online?

We may often associate a Virtual Private Network (VPN) with our work devices, but did you know that using a VPN for personal purposes is a great way of keeping your data and bank account safe??

As a tool that encrypts internet traffic and masks IP addresses, a VPN keeps your online activities private, secure, and anonymous. By using a VPN when banking online, your online banking transactions and personal information are kept safe from prying eyes. “There are many VPN services available, some free and some paid," shares Eric. “But generally, getting a VPN as an added layer of security for your online banking transactions is worth considering, especially if it means keeping your money safe.”?

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The key to a secure (banking) relationship: Set a weekly date for app updates?

Keeping your device and security software up to date is crucial for protecting your online banking information. “Aside from new features, regular software updates often include security patches and bug fixes that can help prevent cyberattacks,” Eric shares.??

Make sure to keep your operating system, anti-virus software, and browser updated to reduce the risk of security vulnerabilities. “Apps will normally flash prompts or pop-ups to get you to update, but you can also designate a day in a week to check and update your banking apps,” shares Eric.??

“While financial institutions like CIMB Bank PH implement the latest and best cybersecurity systems and protocols to ensure that customers’ data and hard-earned money remain safe and secure, users also need to be vigilant to protect themselves from potential cyber threats,” notes Eric. “Cybersecurity is a shared responsibility, and with these simple steps, Filipinos can enjoy the benefits of online banking with peace of mind.”?