Protecting online banking users

With banks providing more protection for its online clients, including making available insurance schemes that can cover for ATM robbery or even tampering and mechanical malfunctions of the ATM, cybercrime is training its guns big time on the banking institutions themselves.

While data from the Bangko Sentral ng Pilipinas estimates P400 million lost in two years, from 2012 to 2013, by bank depositors because of illegal PIN (personal identification number) capturing devices, banks worldwide are getting penalized by the more sophisticated hackers.

The latest figures compiled by international watchdogs approximate the global banking industry’s losses to more than $1 billion annually, a hefty sum especially for those banks that had their defenses breached because of inadequate software protection.

Of course, this doesn’t mean that banks should no longer pay attention to preventing “petty” ATM attacks because the amount lost to this, no matter how paltry compared to that siphoned by the gang of notorious international cyber thieves, hurts the depositor in an equally big way.

Proactive protection

Having well-lighted ATM locations, constantly reminding depositors of the need to properly secure the safety of their PINs, and being vigilant of these machine hackers is still part and parcel of the banks’ proactive campaign to encourage depositors to trust automated banking.

On the other hand, the big lesson for banks in protecting themselves from big-time cyber criminals is to constantly upgrade their mainframe operating systems as well as their cash dispensing machine computers and corresponding software to make them more difficult to breach by hacker attacks.

Online banking, the way to go

More and more, online banking is becoming the choice of banks and its customers, especially companies and institutions, because of the savings gained from less transaction expenses as well as synergies generated from data integration and interactive marketing initiatives.

For those that account for the bulk of the world’s money, online banking has allowed smoother transactions in real time, which in turn translated to better profits. This has consequently encouraged mergers in the banking industry because maintaining a sound online banking system costs a lot of money, something that a struggling rural bank will remotely consider investing in.

Thus, the name of the game for banks to succeed with electronic banking is to continue investing in their operating systems to give their customers the best possible services, and ensuring that adventurous hackers are held back from prying into the bank data.

ATM insurance

While the Philippines has quite a number of big, reputable banks that strongly espouse online banking, there is a bigger number of banks – especially in the provinces – that operate on a limited reach but still can afford to operate ATMs.

To provide adequate protection to these small banks, as well as to their predominantly individual savings account depositors, it is heartening to hear that there are now new measures that can be undertaken, including one contained in a bill seeking to require all banks to offer their clients some form of insurance protection against ATM fraud.

Banks are encouraging depositors to go online as there are benefits in terms of operating costs. However, these banks must ensure that there is adequate protection to depositors availing of online banking, particularly the use of ATM.

People who entrust their money with banks should be able to sleep soundly at night knowing that it is in a safe place. This goes without saying that such protection by the banks should extend to credit cards, loans, deposits, and other banking instruments that are used to transact currencies in their many forms.

Best of Cebu against Manila’s finest in Elite Eight

The Elite Eight stage of the 2014 National Collegiate Championship was formally launched today at a presscon lunch hosted by ABS-CBN at EJL Bldg., ABS-CBN compound, Quezon City.

The Elite Eight games will start on Nov. 13, 2014 at Cebu City Coliseum, Cebu City. Five of the finest teams from Metro Manila will compete with the best of Cebu teams from Nov. 13 to 17.

This is a historic event for collegiate basketball in Cebu. What makes the event significant is that the games are critical as all eight teams are aiming for the national collegiate title.

The competing teams from Manila are: newly crowned UAAP champion National University Bulldogs, five-peat NCAA champion San Beda College Red Lions, UAAP runner-up Far Eastern University Tamaraws, NCAA runner-up Arellano University Chiefs, and the winner of the Luzon-Metro Manila Qualifying games (DLSU Green Archers vs. CEU Pink Scorpions).

Philippine Collegiate Champions League (PCCL) is currently on its 12th year of conducting the National Collegiate Championship, a search for the one national champion among the best collegiate teams in the country. Television exposure given by ABS-CBN Sports has broadened the search to include more leagues at provincial and regional levels.

Below is the schedule of games at Cebu City Coliseum:

Nov. 13 – Southwestern University vs. Luzon-Metro Manila winner; FEU vs. University of San Carlos

Nov. 14 – Luzon-MM winner vs. University of Visayas; SWU vs. USC

Nov. 15 – National University vs. UV; San Beda vs. USC

Nov. 16 – Arellano University vs. UV; NU vs. SWU

Nov. 17 – USC vs. U Visayas; SWU vs. Arellano U

The Champions League (PCCL) National Collegiate Championship is sponsored by media partners ABS-CBN and Philippine Star, Phoenix Petroleum, Molten Balls, Fil-Oil Flying V Sports, Fog City Creamery and Foccacia. Tickets are available at SM Tickets online.

Visit the PCCL website (www.CollegiateChampionsLeague.net) for more details/information on the National Collegiate Championship and like our official Facebook fan page (Philippine College Champions League).

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Should you wish to share any insights, write me at Link Edge, 25th Floor, 139 Corporate Center, Valero Street, Salcedo Village, 1227 Makati City. Or e-mail me at [email protected]. For a compilation of previous articles, visit www.BizlinksPhilippines.net.