BSP strengthens fight vs cyber fraud; shares e-safety tips to protect consumers

ABS-CBN News

Posted at Jan 18 2022 12:28 PM

MANILA - The Bangko Sentral ng Pilipinas on Tuesday said it is working with financial institutions and industry players to establish a national approach against cyber fraud.

Phishing incidents remain the top cybersecurity concern for BSP-supervised financial institutions (BSFIs) in 2020 to 2021.

A credit card group earlier noted that phishing and smishing (SMS scam), drove the increase in credit card fraud.

In addition, other traditional schemes such as Bank Identification Number (BIN) attacks and SIM fraud scams persist, contributing further to the credit card fraud incidents, the BSP said. 

"The BSP has also reached out to telecommunications companies and international card schemes (VISA/Mastercard) to obtain wider visibility of the cyberthreat landscape and establish coordinated responses aimed at strengthening cyber resilience of the financial system," the central bank said in a statement. 

The BSP said it also strongly supports the passage of a measure that would make SIM card registration mandatory. 

A number of regulations have also been updated to strengthen risk management and preparedness of financial institutions, it added.

Consumers are also urged to practice e-safety to protect themselves from "social engineering schemes" which could lead to identity theft, and virtual account takeovers, the BSP said.

The BSP said consumers should observe the following cyber hygiene practices:

  • Do not click links or respond to emails, texts or calls asking for your account information and personal details. Legitimate financial institutions and their personnel do not send such requests at random
  • Be careful of what you download. Use only legitimate mobile banking apps
  • Install anti-virus software in all your devices
  • Do not use jailbroken or rooted mobile phones for mobile banking or mobile app transactions
  • Avoid using public networks or WIFI when accessing banking apps or e-banking websites
  • Practice good online behavior. Use strong passwords and change them regularly
  • Activate multi-factor authentication and email/text notices in all your e-banking activities. Closely monitor your account/s and/or transactions.
  • Report suspicious or unusual activities immediately to your financial institution.

Telecommunication firms in the country are working with authorities to curb the recent spread of SMS scam which is likely operated by a global syndicate.

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