More Filipinos has embraced digital life but it comes with perils and vulnerabilities that includes safeguarding information in the evolving digital landscape.
Data breaches, fraud and identity theft are amongst these significant challenges, especially in a digital environment where AI plays a growing role in the digital ecosystem. Amid this rapid digital advancement, there is a rising concern on data protection and application of security measures. According to a Statista 2024 report, 50% of respondents reported being targeted by phishing attacks, while 42% encountered smishing, a type of fraud scheme carried out through text messages.
Last January 28 marks Data Privacy Day and concerned business entities aims to provide heightened awareness to combat these challenges and a recurring prompt highlighting the importance of taking proactive measures in safeguarding personal data.
Moreover, financial services are the bearer of not only offering secure platforms, but also educating consumers on how to manage good financial hygiene. UnaCash takes a proactive approach by integrating both. The focus is to empower consumers to actively seek steps on understanding digital risks and become vigilant against potential threats, all the while learning how to choose a platform that demonstrates a commitment to security.
Use strong and unique passwords. One of the most effective ways to protect online accounts is using a strong password. Also, make sure that you use different password per platform to guarantee safety of account.
Enable two-factor authentication. This gives an extra layer of security. The second verification step such as OTP (one-time) password sent to your mobile device or email, helps reduce the chances of identity theft.
Learn to identify and beware of phishing scams. Phishing scams are one of the most common ways where personal information is obtained illegally. It can be an email, socmed post or SMS messages from seemingly legitimate companies. Always double-check the source and avoid clicking unfamiliar links. You can visit the company's official website or call customer service to verify.
Make regular updates on your software and apps. Updating apps or softwares ensures that security is upgraded and vulnerabilities are mitigated against potential hacking attempts. These updates often contain important security patches that can help you protect your data against emerging threats and keep your digital environment secure.
Always monitor personal transactions. Track your transaction histories for any unusual activity or discrepancies. If you see some changes, call your company and report. This ensures that you are protected from fraud.
"We have witnessed the digital landscape rapidly evolve in recent years. Financial solutions like us advocate consistently on educating consumers on how to practice good financial hygiene, and of course, navigate the digital space safely," said Sean Plantado, Channel Manager at UnaCash. "We want our customers to be better equipped to safeguard their personal information, regardless of what platform they are using."
UnaCash has also noted the increasing number of GenZ consumers entering the market and highlights the importance of robust data protection for this generation. Statista indicates that vulnerabilities can impact individuals as early as 18 years of age, matching the analysis from UnaCash where 23 million working-age individuals in SEA will be poised as primary contributors in the digital economy by 2030. With this emerging consumer base, the financial services reinforces its mission to provide a secure and informed financial platform for its client-base.
List of simple practices by UnaCash to promote data privacy protection:
- Advanced security features. Integration of encryption, a multi-layer authentication, and a dedicated fraud detection team to ensure that user data remains protected against cyber threats.
- Continuous consumer education. The data source and storage is found only in the UnaCash app, which consumers are responsible when it comes to and encourages users to generate a pin to open their account apart from the one-time password (OTP) authentication process.
- Responsive support. A dedicated customer support team ensures that users have access to timely assistance, be it in the physical store or through the UnaCash communication channels. This applies to suspicious activity or even resolving account concerns, a swift and effective support is being prioritized.
- Compliance on data privacy security measures. UnaCash is compliant with the NPC, adhering to the Data Privacy Act of 2012 and is continuously implementing data protection protocols. There are consistent security assessments to uphold the transparency and accountability in handling every customer’s data. Alongside this, UnaCash never stores application details physically or digitally through any other platform aside from its app to protect its overall storage location.
"It is important to highlight that awareness on financial security goes hand-in-hand with the broader goal of protecting personal data. A financially literate consumer is most likely to use secure platforms, easily identify risks and take proactive steps to protect their respective date. UnaCash remains committed to fostering a culture of security and trust, ensuring that Filipino customers are confident with their financial journey without compromising their personal information in the digital space," said Plantado.
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