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.

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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