BANK of the Philippine Islands (BPI) has added new security features to its mobile banking application to protect clients against cyber fraud and scams.

"Cyberattacks are becoming more sophisticated these days in a world marked by rapid tech-driven changes," BPI security and data protection officer Jonathan John Paz said.

"We recognize the urgency of staying ahead of the curve with continuing cybersecurity innovations and education to proactively combat cyberthreats, boost the awareness of Filipinos about these illicit activities, and ensure continuous confidence in digital banking," he added.

The updated BPI app has three new security controls that users can easily activate.

A device binding control that functions as a digital lock will only allow access to authorized mobile numbers and device, the bank said.

A mobile key control, meanwhile, will provide a more secure and convenient alternative to one-time PINs (OTPs) by utilizing user biometric credentials stored on trusted devices for transaction authentication.

BPI also included a customized limits control that will enable users to set spending limits and manage usage based on their risk preferences.

The extra security features ensure the safety of users' network connections, as these can detect and block proxy connections that could unintentionally collect sensitive data.

In another development, BPI Business Banking has teamed up with loans aggregator FundSpace to equip Filipino entrepreneurs with the tools they need to thrive.

Through the collaboration, entrepreneurs can choose from diverse BPI financing options such as the Ka-Negosyo SME Loan and Ka–Negosyo Credit Line via FundSpace.

Dominique Ocliasa, BPI Business Banking head, said the partnership underscored a commitment to providing easy, convenient, and fast solutions to support SMEs in realizing their growth plans.

On Monday, BPI's share price dropped by 10 centavos to P118 apiece.