BSP urges public to turn on multi-factor authentication for online transactions

ABS-CBN News

Posted at Apr 18 2022 12:54 PM

Citizens use their phones in Quezon City on August 16, 2020. Mark Demayo, ABS-CBN News/File
Citizens use their phones in Quezon City on August 16, 2020. Mark Demayo, ABS-CBN News/File

MANILA - Bangko Sentral ng Pilipinas on Monday urged the public to use available security features and practice cyber hygiene to avoid becoming victims of fraudulent activities. 

Consumers should enable "multiple layers of security features" such as multi-factor authentication (MFA) in BSP-supervised financial institutions (BSFIs) and digital platforms, the central bank said in a statement. 

Using MFA requires consumers to verify their identity through several methods before proceeding with a transaction.

The BSP said the multi-factor authentication includes one-time PINs (OTPs), biometric authentications and mobile banking PINs (MPIN).

Authentications are sent via SMS, e-mail or phone call, it said. When enabled, it will prompt the user if a transaction was completed. 

"The BSP continuously reminds the public that e-safety is everyone’s responsibility," it said. 

Consumers should also practice cyber hygiene by refraining from sharing personal and sensitive information, using strong passwords, changing passwords regularly, updating device operating systems and reporting suspicious or unusual activities, the BSP said. 

Phishing, SMS and other scams have proliferated as the adaption of digital transactions accelerated during the COVID-19 pandemic.

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