All The Myths About E-banking Services, Debunked
E-banking has been changing the way we shop and access services. It
lets us monitor our finances easily, pay our bills with our mobile
phones, and do other transactions that traditionally demanded us to
go to a physical store or bank.
Tita Techie
Jan 04 2-min read
When it comes to e-banking, we Pinoys are definitely catching up
to the technology. Although there has been a growth in active
e-money wallets in the market, there is still a significant
number of people who are not into the idea. With all the
convenience mobile banking offers, why then, is this the case?
When introduced to a new service like e-banking, it may take
time for people to trust and adopt it because of the
misconceptions surrounding it. Below, we address some of the
most common e-banking myths once and for all.
Myth #1: It’s not secure.
Many have the misconception that just because their money is “on
the internet” means that it can be easily stolen. But the truth
is, banks and other businesses offering e-banking are equipped
with technology that protect online accounts. This includes
antivirus protection, firewalls, encryption, etc. They also have
systems that allow users to easily double-check their
transactions. One-time-passwords are a common example, wherein
an online transaction won’t push through if the code sent to the
account holder’s e-mail or mobile phone does not match. Other
banks also provide text messages of e-banking activities so
users can easily call if there is an error on their account.
Myth #2: It makes you vulnerable to fraud.
Not transacting with an actual person makes some people fear
that they are being duped. If you think about it, it’s not
really surprising since Filipinos have a strong culture of going
to malls for most of our transactions.
This is where consumer education comes to play. While the
majority of e-banking services are registered and monitored by
the Bangko Sentral ng Pilipinas (BSP) and the Securities and
Exchange Commission (SEC), there are also businesses (for
example, small-time online lenders) that take advantage of
consumers. Make sure to do proper research first before using an
application, especially if it isn’t supported by a major bank or
any big-time financial provider.
Myth #3: Your personal details may be stolen.
Before using any e-banking or online financial app, all users
will be asked personal information to make sure that they are
not faking their identity. Customers might be asked to include
their mobile number, e-mail, photos or scans of official IDs,
and even selfies. One of the most common misconceptions about
this process is that submitting this information makes one
vulnerable to identity theft. However, there are local laws like
the Data Privacy Act protecting customers’ personal data from
being divulged. But if a customer feels like their information
has been exposed in any way, they can always approach the
National Privacy Commission—the law’s administering body—for
complaints.
E-banking is the exact type of service that a tech-driven market
needs. It’s convenient, and it can most definitely be trusted,
too.
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