Cybersecurity firm Kaspersky is urging Philippine banks to bolster their defenses against financial phishing attacks, warning that such threats are no longer just a consumer issue but a direct assault on institutional credibility. The call comes as financial phishing attempts surge across Southeast Asia.
Sam Yan, head of sales for Asia emerging countries at Kaspersky, cited the evolving nature of the threat. “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 said.
“Cybercriminals are adapting fast, but so can we. Through proactive investment in cybersecurity technologies and a culture of digital vigilance, Philippine institutions can stay one step ahead,” he said.
In 2024, Kaspersky reported blocking over 10.7 million phishing attempts worldwide linked to cryptocurrency scams, an 83-percent increase from the previous year. Of these, 38,370 attacks specifically targeted financial institutions in the Philippines.
Southeast Asia, with its widespread adoption of mobile banking and digital wallets, is seeing increasingly sophisticated phishing tactics. Scammers are now deploying fake bank websites, SMS phishing messages, and fraudulent investment platforms.
The Philippines faces heightened risk due to lower public awareness and a growing volume of scam messages impersonating banks and government agencies, it said.
