The Rizal Commercial Banking Corp. (RCBC) recently emphasized the importance of exploring continued advancements in authentication solutions to strengthen online banking security. As technology evolves, so too must authentication methods to ensure optimal protection for clients’ financial information.
Jericho Konrad Uy, head of RCBC Enterprise Fraud Risk, highlights the dynamic nature of the security and fraud landscape and the need for adaptive approaches.
“While existing methods like one time passwords (OTP) have played a significant role in authenticating transactions, exploring complementary solutions such as behavioral and digital footprint monitoring can further enhance protection against emerging threats.” Uy said.
“As the banking landscape evolves, it is imperative for us to adapt and innovate,” he added.
To safeguard the interests of clients, banks must embrace cutting-edge technologies and best practices. By considering innovative authentication mechanisms, banks aim to mitigate risks associated with human error and data breaches effectively.
RCBC Chief Information Security Officer Carlos Tengkiat meanwhile, focused on risks associated with corporate emails in transactions.
Tengkiat said the prevalent trend of oversharing on social media platforms inadvertently exposes individuals and corporations to heightened cybersecurity vulnerabilities.
To mitigate these risks, RCBC urged the public to exercise caution when using corporate emails for transactions. An example of which is avoiding the use of corporate emails in registering to social media sites.
Tengkiat opted for personal email accounts whenever possible, citing the increased susceptibility of corporate emails to hacking attempts.
In line with its commitment to cybersecurity excellence, RCBC invests in advanced security measures as well as partners with industry experts to stay ahead of emerging threats.
