The Bangko Sentral ng Pilipinas (BSP) has enhanced its regulations, cyber surveillance, collaboration with law enforcers, and communication campaign to boost the financial system’s resilience amid a rise in digital accounts in the Philippines.
“As more Filipinos take advantage of online payment, remittance and other technology-enabled financial services — we need to ensure that potential risks are well-managed.
Thus, we will continue to find innovative strategies to sustain the resilience of the financial services industry as we transition towards the New Economy,’’ said Benjamin Diokno, BSP governor.
To support its regular supervisory activities, the BSP has issued memoranda reminding BSP Supervised Financial Institutions (BSFIs) to employ multi-layered security defenses against financial crimes during the COVID-19 pandemic.
These regulations also underscore the importance of vigilance against fraudsters and cyber criminals amid the significant shift to digital financial services.
The BSP also increased cyber surveillance in close coordination with BSFIs amid the shift in consumer behavior during the enhanced community quarantine (ECQ). Aside from identifying potential cyber threats, coordinated surveillance enables the immediate implementation of preventive countermeasures.
The central bank also reinforced collaboration with key stakeholders, particularly, in the investigation of referred cases and subsequent prosecution of apprehended cyber criminals as provided under Republic Act 11469, the “Bayanihan to Heal as One Act.” Stakeholders include law enforcement agencies, namely, the Philippine National Police and National Bureau of Investigation.
The BSP also rolled out a cybersecurity information campaign through social media (Facebook and Twitter) for both BSFIs and the banking public.
The campaign promoted awareness of COVID-19 scams, tips on how to avoid becoming a victim, security tips on work-from-home arrangements, and reminders on keeping personal financial information confidential. These infographic advisories were continuously e-circulated during the ECQ.
The advisories emphasize the importance of observing proper cyber hygiene and consumer vigilance whenever one performs online transactions