Bank Security Measures in the Philippines: Bank of Commerce Takes Lead
The privacy and security of customer accounts are of paramount importance to Bank of Commerce, prompting the institution to implement stringent measures to protect the confidentiality of online transactions.
Stringent Security Features for Internet Banking
To ensure the safety of its clients’ financial information, Bank of Commerce has introduced a range of security features for its Internet Banking service. Some of these measures include:
- Nominated User ID and Password: Customers create their own unique Nominated User ID and Password when signing up for online access. This information is encrypted during transmission to prevent unauthorized access.
- Automatic Logoff: The bank’s system automatically logs off users after 10 minutes of inactivity, reducing the risk of others accessing accounts left unattended.
Enhanced Security Measures
The bank’s computer systems are also protected by a robust Firewall that blocks unauthorized users from accessing account information. Additionally, Bank of Commerce Internet Banking sends email confirmations for all financial transactions and changes to customer accounts, providing customers with transparency and assurance of their online activities.
Staying Ahead of Potential Threats
To stay ahead of potential threats, Bank of Commerce is committed to regularly updating its technology to ensure the highest level of security standards are maintained. The bank has also installed a Verisign seal on its website, providing customers with assurance that their transactions and personal information are confidential.
Closed System Operation
The institution’s Internet Banking service operates as a Closed System, allowing third-party fund transfers only to enrolled accounts. This restricts fraudulent activities and ensures that customer funds remain secure.
Conclusion
With these measures in place, Bank of Commerce is well-positioned to provide its customers with a safe and secure online banking experience. By implementing stringent security features, the bank demonstrates its commitment to protecting the privacy and confidentiality of its clients’ financial information.