Digital banking has become a routine part of everyday financial activities, from transferring money to paying bills and making card purchases. As more transactions take place online, EastWest is highlighting security practices customers can use to help reduce their exposure to fraud.
For Cybersecurity Awareness Month, the bank is encouraging customers to pause before completing transactions, verify payment details, and use available security controls.
Everyday Habits for Safer Digital Banking
Several basic precautions can help protect online banking accounts. These include checking transaction details before confirming payments, keeping passwords and One-Time Passwords (OTPs) private, avoiding suspicious links, and regularly reviewing account activity.
Customers should also act quickly if they notice unusual transactions or suspect that their banking information has been compromised.
Security Features Available Through EasyWay
EastWest’s EasyWay digital banking platform includes security measures such as biometric login and authentication, OTP verification, encryption, and additional transaction authentication.
The platform also allows customers to manage selected card settings and transaction notifications.
Principal EastWest credit cardholders can use EasyWay’s Lock/Unlock function to temporarily stop new purchases and recurring charges on a linked card. If a card is lost or stolen, the bank advises customers to contact EastWest Customer Service immediately to have it permanently blocked.
Additional Controls for Account Protection
EastWest also offers EasyLock through EasyWay. The feature allows customers to set aside part of their account balance so it cannot be used for online or digital transactions until it is unlocked.
Other safeguards under the bank’s Banking Made Safer program include:
Emergency Shield: Allows customers to suspend digital banking access and outgoing transactions if they suspect their account has been compromised.
Transaction Pause Period: Automatically applies a 24-hour pause on digital transactions following certain sensitive account changes, including changes to a registered mobile number, email address, or device.
Temporary Holding of Funds: May place the amount involved in a disputed or potentially unauthorized electronic transaction on hold while verification is underway.
The bank said these measures are implemented in line with the Anti-Financial Account Scamming Act and applicable Bangko Sentral ng Pilipinas (BSP) regulations.
Digital Payments and Cybersecurity in the Philippines
The press release cites BSP data showing that digital payments accounted for 52.8% of retail payment transactions in the Philippines in 2023, up from 42.1% in 2022. The figures reflect the growing role of digital channels in everyday financial transactions.
As digital banking becomes more common, protecting account credentials and monitoring transactions remain important parts of online security.
EastWest CEO Jerry Ngo said the bank continues to invest in safeguards intended to protect customers while keeping digital banking accessible.
Protecting Sensitive Banking Information
EastWest reminds customers not to share passwords, OTPs, card details, card verification values (CVVs), or other sensitive banking information, including with individuals claiming to represent the bank.
Customers are also encouraged to use trusted banking channels, keep their devices secure and updated, avoid unfamiliar links, and check their accounts regularly for transactions they do not recognize.
These precautions can help customers identify suspicious activity sooner and reduce the risk of unauthorized access to their accounts.
