The electronic banking platforms of Land Bank of the Philippines registered a significant utilization jump in the month of March 2020 when the enhanced community quarantine (ECQ) was first implemented in Luzon.
Landbank’s five major electronic channels recorded a 57.7% increase in volume of transactions facilitated as of end-March from end-February 2020.
“Due to the Covid-19 pandemic, we are seeing an increased demand for Landbank’s electronic and digital financial services. Landbank remains committed towards serving our clients’ growing needs through innovative, accessible, and safe banking solutions, even during the ECQ period,” Landbank president and CEO Cecilia C. Borromeo said.
The Landbank Electronic Modified Disbursement System (eMDS) for national government agency partners posted the highest utilization upsurge as of March, as volume of transactions grew by 94% from the previous month.
The Landbank I-Access, which provides individual retail clients 24/7 online banking services, saw transactions rise by 52% as of end-March from end-February.
Meanwhile, the Landbank We-Access, which caters to online banking needs of corporate clients, posted 62% more transactions as of March from the previous month. The Landbank Mobile Banking App also posted a 61% rise in transactions as of end-March from end-February totals.
The LinkBiZ Portal, Landbank’s online payment platform, facilitated 23% more transactions as of end-March over end-February.
Borromeo urged its clients to utilize Landbank’s digital and online banking services in the safety of their homes and make cashless payments as much as possible during this time.
But with the greater use of e-banking channels, Landbank also advised its clients to remain vigilant against the increasing incidents of phishing and vishing (voice phishing) — an attempt to obtain a user’s username, password, savings account or credit card details by pretending to represent a legitimate website or recognized institution, either via online/email or over the telephone.
To avoid becoming a phishing/vishing victim, Landbank advised its clients to check the URL carefully and not to open suspicious emails, links and attachments, especially from unknown senders.
“Likewise, it is important not to share username or log-in ID, password, card number, card expiry date, credit verification value (CVV), and one-time personal identification number (OTP) to unauthorized entities. Landbank will never ask for critical financial information of its clients over the telephone,” the bank said.