The Bank of the Philippine Islands (BPI) has recently upgraded its mobile banking app by integrating new security features. In a press statement, a bank official said that the move aims to ensure the continued confidence of Filipinos in digital banking while further shielding BPI clients from cyber fraud and scams.
IMAGE CREDIT: https://bpi.com/
“Cyberattacks are becoming more sophisticated these days in a world marked by rapid tech-driven changes,” shared Jonathan John Paz, Enterprise Information Security and Data Protection Officer of BPI.
“At BPI, we recognize the urgency of staying ahead of the curve with continuing cybersecurity innovations and education to proactively combat cyber threats, boost the awareness of Filipinos about these illicit activities, and ensure continuous confidence in digital banking,” he added.
Adding extra layers of security
BPI’s move to add extra layers of security aligns with the bank’s initiative to escalate its cybersecurity strategy to counter ever-evolving cyberattacks and conforms with its Customer Obsession thrust that aims to put its client’s needs and financial well-being front and center.
The upgraded BPI app is bolstered with three new security controls, which users are encouraged to switch on via the app.
These include the “Device Binding control,” which acts as a digital lock that allows only authorized mobile numbers and devices to access an account and the “Mobile Key control,” which is touted to be a more secure and convenient alternative to One-Time PINs or OTPs that require the user’s biometrics credentials saved on their trusted device to authenticate transactions.
There’s also the “Customized Limits control,” which allows users to set their spending limit and gives them complete control over usage based on their risk appetite.
BPI also implemented additional under-the-hood security features that check the safety of the network connection used by every app user, flag down any proxy connections that may collect their sensitive data, and monitor the usage of “insecure” and “rooted devices” that may eventually be exploited by fraudsters and scammers as they illegally take over an account.
Cybersecurity as a shared responsibility
Even as the bank enhanced the app, Paz still urges BPI app users to remain vigilant when transacting online. He also warned against clicking suspicious links, sharing OTPs, and connecting to public Wi-Fi hotspots.
“Cybersecurity is a shared responsibility, and we hope everyone takes this matter seriously. The combination of robust security controls and the right attitude of being vigilant when transacting online will help ensure a safe banking experience for everyone,” he added.
Paz said the cybersecurity upgrade is also a strategic effort that would aid financial inclusion in the country. “The increased level of security of the BPI app will serve as a tool to boost mobile banking adoption and allow BPI to reach more Filipinos and deliver more inclusive financial services.”
For his part, Fitzgerald Chee, Consumer Platforms Head of BPI, said the BPI app finetuning plays a key role in safeguarding the bank’s digitalization initiative.
“Cybersecurity is at the heart of BPI’s digitalization journey. Adopting these proactive measures is much needed to ensure that our journey will be secure, sustainable, and successful,” he said.
As of 2023, 6.9 million clients have already enrolled in the BPI app, and this is a 17% increase compared to figures recorded in 2022.