February 29, 2024

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Citizens Urged to Adopt Anti-Fraud Precautions in the Philippines

The Internet can be a dangerous place where cybercriminals can steal one’s money, passwords, and even identity. E-commerce fraud is one of the most serious concerns when it comes to online scams. Consumers are the victims of most e-commerce fraud incidents, ranging from credit card fraud to bogus returns. Because of the safety and convenience of these platforms, as many Filipinos continue to stay indoors or strive to live under the “new normal,” there has been an increase in the adoption of digital banking and financial services.

With the significant increase in digital fraud in the country, Filipino consumers need to be warier of the people they interact and transact with online, especially when money is involved. Not only should they protect their financial information, but they should also be wary of people asking for personal information such as their phone numbers, email addresses or ID numbers,” said the Country Director for the Philippines, of a cross-border digital payments company.

“Over the past year, we have seen accelerated growth in the use of digital methods of making payments as well as sending and receiving remittances. But the current trend that we are seeing infers that the increase would likely continue beyond the pandemic,” he added. They have seen consistent, double-digit growth month-on-month since it opened international transfers to domestic mobile wallets.

Nevertheless, as the amount of money circulating in the digital sphere grows, so does the number of fraud cases. As per a study released in March 2021 by global insights company, 44% of Filipino consumers were targeted by digital fraud attempts in the previous three months, while enterprises saw a 315 increase in fraud attempts compared with the previous year. As the majority of financial and shopping activity moves online, he urges Filipinos to be cautious not only of the people they encounter online but also of the platforms and websites with which they transact.

Credit card fraud, identity theft, chargebacks, and bogus returns are the most common types of e-commerce themes. These have an impact on both consumers and merchants. Late-night orders, dropbox addresses, items listed for sale outside of the country, express shipping, free/anonymous email services, high dollar orders, and cases where the “ship to” address differs from the billing address are all red flags of possible fraud.

Consumers can protect themselves from e-commerce fraud by doing the following:

  • Shopping at secure websites
  • Doing research on the website before they place the order
  • Reading the site’s policies on privacy and security
  • Being mindful of cookies
  • Never give out your social security number

Merchants can reduce fraud by:

  • Verifying a cardholder’s info
  • Using transaction controls
  • Maintaining an internal negative file
  • Implementing a transaction data field

OpenGov Asia reported that an international tech giant behemoth has unveiled details of its upcoming AI-powered chip designed to bring deep learning inference to enterprise workloads to help address fraud in real-time, to identify and stop a variety of fraud attacks and crime quickly and accurately – while improving customer and citizen experiences.

The new chip has an innovative centralised design that enables clients to use the full power of the AI processor for AI-specific workloads, making it ideal for financial services workloads such as fraud detection, loan processing, trade clearing and settlement, anti-money laundering, and risk analysis. The chip has 8 processor cores with a deep superscalar out-of-order instruction pipeline and a clock frequency of more than 5GHz, which is optimised for the demands of heterogeneous enterprise-class workloads.

“Consumers should think first before they click on a link, or before signing up for a financial service or an online shopping website. The more discerning users get, unfortunately, the more deceptive fraudulent activities get as well,” he added. He went on to say that Filipinos should avoid third-party intermediaries or those who offer to make transactions on their behalf, and instead only transact with trustworthy platforms that offer security measures to prevent fraud and other malicious activities.

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Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

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CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

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SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

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IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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