Another season of Enhanced Community Quarantine or ECQ is upon us, bringing two weeks of strict house arrest to prevent the spread of the more transmissible Delta variant. Despite lockdowns, money continues to change hands, albiet virtually.
Here’s a guide to keeping your digital wallets ECQ ready until Aug. 20 (unless it's extended) and how to protect your money from possible scams.
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Plan your top ups and payments
Before anything else, figure out how much you need to put into your mobile wallets. Some will choose to stick to a strict budget, while some will make room for extra spending or emergency purchases. Regardless of what type of consumer you are, knowing how much you need to cash-in can save you trips to over-the-counter touchpoints and from transfer fees that can pile up.
It might be better to top-up P10,000 in one go and pay a one-time fee of P10, as opposed to P2,000 daily, with a total of P100 in transaction fees. Of course, this depends on budget and how much you have in a day. Just keep these in mind because it can save you a lot in the long run.
More people transact and pay bills during payday. Heavy user traffic can render apps unavailable at times, or slow to process transactions. If you can, try to transact at odd hours or early in the morning. If you’ve got some saved up from the previous month, you can also pay your bills ahead of due dates and before everyone starts settling their own bills.
Link and load up
E-wallets like GCash and PayMaya have a wide list of billers you can pay in-app, ranging from electricity and water, to wi-fi and streaming subscriptions.
For utilities, Bayad Center’s own Bayad app can process transactions. Providers like Manila Water and Meralco have their own free apps and online sites meant specifically for handling online payments via apps like GCash or straight from your online banking account. Read our guides on how to pay your bills from home.
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With the pandemic keeping everyone at home, almost every bank in the Philippines now offers online banking which allows consumers to make payments in-app and deduct payments from their accounts. Bank apps are free to download, just make sure your account is enrolled for online transactions.
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Double up on passwords
Most banks and e-wallets will require passwords or PINs when you log in. As an extra layer of security, they will also send a text or e-mail containing a one-time pin. This string of numbers is unique to every transaction, and any purchase or money transfer you make will only push through once the pin has been entered.
Never share this with anyone because once they have access to it, they can authorize any transaction on your behalf, even if you didn’t mean to make that transaction.
You can go a step further and require Face ID or two-factor authentication for certain apps and phones which is usually the last step before a transaction pushes through.
For larger amounts taken from credit cards, a text is sent, or sometimes an agent calls. This is to assure that it’s not a fraudulent transaction and it’s really you making the purchase.
Think ahead of the scammers
Fake e-mails and texts
The number of digital transactions went up during the pandemic, exposing e-wallet services to scammers who have gotten smarter to take advantage of first-time users. Different e-commerce platforms, wallets, and banks have beefed up their security, but it’s best to know what to do when scammers strike.
If you receive a suspicious e-mail or text from a random address or number, don’t click any links, especially if you never made the transaction stated, or don’t wish to open or close a particular account. Only honor messages from official numbers and e-mails. In case you’re still wary, you can contact customer service to verify if your account has been compromised.
This holds true for text message scams saying your parcel is on the way but you still need to pay some shipping or customs fee. It's been confirmed to be a scam.
Protect your OTP
Agents will never ask for your OTP and it’s a red flag when they do so, saying they need it to check your account or to secure a purchase. No matter what happens, never give the OTP.
As someone who got scammed this way, it’s easy to fall for a well-rehearsed spiel and top notch customer service voice. The best ones will reassure you countless times, but once they ask for an OTP, it’s game over—you got yourself a scammer.
If you experience this, call your bank right away to verify if a purchase was made on your account. Also report the incident so your account can be protected from other threats.
How else can I protect my info?
Never disclose your private information online on public forums or accounts. Only transact with official customer service channels or agents.
It might not seem like much, but the shipping label on your parcels can expose your data to scammers. Before disposing of the plastic, either shred the label or black it out with black marker.
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