Manila: Global cybersecurity firm Kaspersky on Monday is urging consumers and financial institutions to be vigilant amid the rise in financial phishing attacks.
According to Philippines News Agency, Kaspersky reported that last year, it blocked more than 10.7 million phishing attempts worldwide linked to financial scams involving cryptocurrency, marking an 83 percent increase from the previous year. In the Philippines alone, 38,370 of these attacks targeted financial institutions. Scammers are now employing fake bank websites, SMS phishing messages, and bogus investment platforms to target users more effectively.
The Philippines faces added risk due to low public awareness and the increasing number of scam messages imitating banks and government agencies, Kaspersky noted. It highlighted that financial phishing commonly takes different forms, such as credential harvesting, where fake sites trick users into giving up usernames and passwords, social engineering using fake messages to push users into verifying accounts or claiming refunds, and impersonation of government services, especially during tax filing periods or public aid rollouts.
Kaspersky Head of Sales for Asia Emerging Countries Sam Yan emphasized the importance of viewing phishing as a strategic risk. He stated, 'Banks must view phishing as a strategic risk. It's not just about blocking suspicious emails anymore, it's about building cybersecurity awareness across all levels of the organization and hardening digital infrastructure against deception.' Yan also mentioned that while cybercriminals adapt quickly, proactive investment in cybersecurity technologies and fostering a culture of digital vigilance can help Philippine institutions stay ahead.
To counter these attacks, Kaspersky recommended that banks keep all systems and software updated to avoid known vulnerabilities, use strong passwords and restrict remote access, educate staff with simulated phishing tests and training, and protect endpoints and networks. Consumers are also advised to use strong and unique passwords for each online account, enable two-factor authentication wherever possible, avoid downloading unknown apps or software, and install security products such as Kaspersky Premium, which blocks phishing, spam, and fake websites in real time.
