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Consumer Social Intelligence Report 2023
Payment Methods
Philippines | 01 Aug 2023 - 30 Sept 2023
Security and convenience drive preference for app-based banking over branch visits.
2.6k
Posts
This chart shows the number of posts from the main search query that mention specific payment methods and the % of conversations related to each method. Shares/RT are included.
Takeaways
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Credit card discussions saw a 16% increase in volume in August – September, compared to May–June, with nearly 1.5K mentions. They made up 57% of all Payment Methods discussions.
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The increase in credit card post volumes was due to an uptick in discussions on forums and Reddit, where conversations were livelier than on Twitter due to the long-form format. Users sought advice on how to use credit cards with a focus on transaction security. Concerns were raised about the absence of PIN requirements, and users favourably compared credit cards with debit cards, highlighting their superior security features.
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Customers’ feedback to banks emphasised the need for convenient security protocols. They appreciated automatic transaction blocking in the event of suspicious activities, but some frustration was also expressed, especially concerning subsequent fees and payment difficulties. Users found direct contact with banks burdensome and urged them to integrate practical alternatives, such as the option of in-app card locking and unlocking.
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When choosing a bank, foreign nationals living in the Philippines value convenience, minimal bureaucracy, low costs, and secure online currency transfers. Some suggested choosing local branches of the banks they use at home, but others pointed out approval challenges and differences in services and security measures. Consequently, they recommended using the more versatile e-wallets and online banks alongside traditional bank accounts.
Security-conscious users show interest in credit card blocking and secure payment gateways amidst rising cyber threats.
Trending/fading words and phrases – Payment Methods from August ‘23 – September ‘23
Fading
Trending
This word cloud shows the most common words and phrases from the time period. The larger the word/phrase, the more often it appeared over time. Words/phrases on the left are "fading" (used less) and those on the right are "trending" (used more).
What People Are Saying
Consumer Social Intelligence Report 2023
Fraud Types
Philippines | 01 Aug 2023 - 30 Sept 2023
As technology advances, consumers fear emerging threats to credit card security.
1.3k
Posts
Chart displays fraud risk types and their percentage of conversation in posts related to the main search query. Shares/RTs included.
Takeaways
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Card loss or theft was the most prevalent concern in Fraud Types conversation, accounting for 41% of posts and mentions. Users sought advice from banks on card handling and highlighted the risk of thieves obtaining card data . Phone loss was also a concern due to mobile transaction authorisations, prompting suggestions to enhance SIM card security.
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Identity theft/phishing discussions were also prevalent at 38% of all mentions. They focused on data theft by impersonating financial institutions through various channels, such as social media, phone calls/SMS and emails. Users cautioned each other against divulging any personal data, PINs, or One Time Passwords (OTPs) to unauthorised sources.
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The discussions about card loss and identity theft indicated a rise in generic/other fraud, which suggests the emergence of novel threats. In one tactic, scammers tricked online sellers into refunding fake overpayments or paying a fraudulent fee under the guise of supposedly upgrading to a business account. The business account fraud was facilitated by an email impersonating PayPal, which prompted users to “upgrade to a business account” to facilitate their transactions. Aware of risks associated with fake payment receipts, consumers might avoid direct bank transfers or platforms they do not trust. Many preferred established methods such as credit cards and gateways with robust fraud protection. SMS and e-mail notifications or in-app confirmations after a transaction seemed to enhance consumer trust by verifying genuine payments and adding extra security.
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Consumers expressed concern about the fraudulent use of advanced technologies, such as AI-powered deciphering of credit card data. Typically, scammers initially transferred minor amounts to test the card’s validity. These trial transactions escalated into more significant losses if not detected in time. Users shared their experiences to raise awareness, urging issuers and customers to remain vigilant about suspicious transactions.
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Concerns emerged about sweeper bots in finance and cryptocurrency forums, which automatically detect and steal funds from vulnerable digital wallets. According to the discussion, they pose the greatest threat to cryptocurrency users. However, automated tools designed to exploit vulnerabilities can target various online ecosystems and become a concern for anyone making online payments. People sought knowledge and advice about the new threat. Recommendations included using hardware wallets, avoiding questionable downloads, and safeguarding sensitive personal information.
Due to card security concerns, consumers are sceptical of withdrawing money in shops, as opposed to ATMs.
Trending/fading words and phrases – Payment Methods from August ‘23 – September ‘23
Fading
Trending
This word cloud shows the most common words and phrases from the time period. The larger the word/phrase, the more often it appeared over time. Words/phrases on the left are "fading" (used less); those on the right are "trending" (used more).
What People Are Saying
Consumer Social Intelligence Report 2023
Fraud Prevention
Philippines | 01 Aug 2023 - 30 Sept 2023
The SIM Registration Law is seen as a vital step in addressing cybercrime, but further actions are expected.
0.5k
Posts
Chart shows consumer protection actions and % of related conversation. Share/RTs included.
Takeaways
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In the Fraud Prevention conversation, 70% of posts focused on data privacy. When customers posted questions on social media, banks referenced the Data Protection Act and directed them to more secure channels. They also conducted educational campaigns emphasising the importance of data protection.
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In the conversation about fraud response, a government agency called for increased funding to combat cybercrime after someone identifiable fell victim to scammers. This sparked a social media debate, with some praising the drive for stronger law enforcement and deeming the SIM Registration Law insufficient. Others argued that current security measures were adequate and those who shared OTPs were simply unknowledgeable.
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A government agency revealed that it is very easy to register a SIM card using fake ID, which raised questions about the recently introduced SIM Registration Law.
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Banks and e-wallet providers educated users about a range of issues including the dangers associated with devices that give a user unrestricted control over all device functions and software. Consumers often do this to customise their devices, but that compromises their security. Advice was shared in customer-focused campaigns and through answering consumers’ questions on social media.
Institutional social media accounts teach the public to safeguard their personal data.
Trending/fading worads and phrases – Fraud Prevention from August ‘23 – September ‘23
Fading
Trending
This word cloud shows the most common words and phrases from the time period. The larger the word/phrase, the more often it appeared over time. Words/phrases on the left are "fading" (used less) and those on the right are "trending" (used more).
What People Are Saying
