Executive Summary

Comparison between

Aug-Sep 2023 and May-Jun 2023

The total conversation about safety and security in the Philippines was on a similar trend in August – September, compared to May – June. There were 12.1K posts in May – June compared to 11.3K in August – September. A spike in conversation in May about a popular e-wallet suffering operational issues helped bolster conversation volumes in the previous period. In contrast, in August – September, several smaller themes were present. Among others, a popular e-wallet introduced in-app notifications instead of SMS security checks, K-pop fans warned each other of a scam, and a bank’s new app launch caused users to ask about features they desire. Often, consumers asked for the ability to use their mobile banking to lock their cards themselves. Payment Methods conversation increased by 10% in August – September. All topics (credit cards, debit cards, CNP and prepaid cards), apart from digital wallets and online bank transfers, increased. An uptick in discussions on longer-form social media channels such as forums and Reddit has contributed to this increase in volume. Fraud Types conversations decreased from 2,028 posts to 1,315 (-35%). This was due to the unusually high volumes of posts about unauthorised transactions on a popular digital wallet in May- June. As this conversation died down during August – September, this was also reflected in the total volumes. All specific types of fraud (identity theft/phishing, lost/stolen cards and card cloning) decreased, with just the “Other Fraud” topic increasing slightly. Fraud Prevention conversation increased by 21%, driven mainly by an uptick in conversation about data privacy. This was typically because banks replied to customer queries by citing the Data Protection Act in cases where users shared personal information on social media. Another major topic was using rooted (jailbroken) phones. Banks were reported to have restricted mobile banking access on such devices due to security concerns. Conversely, consumers were upset about this and found it a breach of their personal choice.

1. Conversations on Safety and Security

Within the overall Safety and Security conversation, several themes generated conversation. A popular e-wallet introduced in-app notifications instead of SMS security checks, which caused user confusion. Consumers were upset they needed to open their app to get notified about transactions. K-pop fans warned each other of a scam targeting collectible sellers by producing fake PayPal receipts, falsely claiming overpayments and requesting refunds. A bank’s new app launch caused users to ask about features they wanted, such as SMS notifications after card transactions. A lawyer's video dealing with credit card loss/theft generated engagement. A government agency called for increased funding to investigate cyber scams.

2. Safety and Security of different payment methods

Conversations about credit cards increased by 16% compared to May – June, constituting 57% of all Payment Methods conversations. Among the conversation drivers for this increase were users seeking advice on transaction security and raised concerns about PIN requirements. Comparisons between credit and debit cards highlighted the former’s superior security features. Customers expressed their desire for convenient security features, including in-app card locking and unlocking. Customers who had experienced unauthorised transactions on debit cards shared cautionary tales.

3. Types of fraud techniques

In the Fraud Types conversation, card loss/theft was a concern (41% of Fraud Types conversation), prompting users to seek advice about card data misuse. Identity theft and phishing were also significant topics (38% of Fraud Types conversations), focusing on data theft by scammers impersonating financial institutions. Consumers also shared concerns about advanced technologies, such as AI, being used in fraud. An example is BIN attacks utilising GPT-3 or GPT-4. A BIN attack uses brute force computing to attempt to guess a valid combination of credit card number, expiration date and CVV. People expressed worries about sweeper bots on a finance and cryptocurrency forum and sought advice on safeguarding against them, including using hardware wallets and protecting sensitive information.

4. Fraud Prevention

Data privacy was a key focus in the Fraud Prevention conversation (7 in 10 posts), with banks often referring to the Data Protection Act in their messages to customers. A government agency's call for increased funding to combat cybercrime sparked debate, with opinions ranging from support for stronger law enforcement to cynicism about political involvement. Some financial institutions introduced new safeguards and educated users against using jailbroken devices (devices which have been modified to allow unofficial apps and features to be installed). On forums, people discussed an e-wallet company blocking 4 million accounts since January 2022 due to fraudulent activities.