When was the last time you checked the transaction list on your credit card statement? What about the transaction history of your checking or savings account?

Have you ever noticed a small monthly subscription charge of fifty cents? Even if you did notice and didn’t recall subscribing to the service, would you pick up the phone and wait on hold to report it to your bank? Probably not—it’s just fifty cents, after all.

Now, let’s paint a picture: fifty cents multiplied by one million equals Php 500,000. Somewhere in the world, someone quietly receives that money—unnoticed but getting rich!

That’s exactly what happens in a BIN (Bank Identification Number) attack. Fraudsters test the first four to six digits of card numbers, along with the card verification value (CVV) and expiry date, using digit-generating software to confirm a card’s validity. Account holders across the globe may receive these minimal subscription charges from supposedly legitimate merchants, with cybercriminals masking their test charges. It’s like they’re mining coins from the couch cushions of our bank accounts.

These fraudsters exploit a basic human vulnerability—our tendency to overlook minor transactions, especially during the holiday season when spending is high because of all the holiday swiping and scrolling, it’s easy to overlook these sneaky micro-charges. Many people don’t even remember what they had for dinner last week, and a vast majority neglect to read their monthly card and bank statements. In most cases, only large transactions are disputed, making this discreet approach highly effective for fraud.

So, how can consumers protect themselves? It starts with vigilance. Regularly reviewing your bank and card statements—even for the smallest charges—could help you catch these red flags early. Banks are increasingly investing in fraud detection tools, but a mindful consumer remains the first line of defense in keeping hard-earned money safe. Report any unusual charges. In today’s digital-centered world, it’s not just about the money but the principle when it comes to dealing with these cybercriminals.

How do we prevent this? 

The truth is, it's inevitable. You may set up transaction alerts on your phone and only transact through secure channels when purchasing online. 

But wait, there’s more! 

During the holiday season, while we’re out here living our best lives, some hacker is stacking cash—your cash, this “ber months” scams are more frequent, including phishing, spoofing, and fake donation drives. Protect your hard-earned money by tracking your spending, not saving your card information on websites after purchases, and avoiding suspicious links in messages and emails. Contrary to what some digital skeptics may think, having online banking profiles doesn’t increase your scam risk. What puts you at risk is ignoring account monitoring until your credit limit or savings are gone in a snap. Register your accounts, monitor them regularly, and learn your bank’s dispute or unauthorized transaction reporting process.