BSP Encourages Consumers To Use Security Features For Their Online Accounts
The Bangko Sentral ng Pilipinas (BSP) on Monday urged the public to use all available security features for online transactions as part of efforts to combat fraud and improve cyber security.
Consumers who actively do financial transactions online should activate extra security elements like multi-factor authentication (MFA) for online transactions. With MFA, before transactions are permitted to go through, customers must authenticate their identity using one-time PINs (OTPs), biometric authentications, and mobile banking PINs (MPIN).
Authentications are delivered to users via SMS, email, or phone call, and they are notified when transactions are completed.
In addition, the BSP advised consumers to practice cyber hygiene by refraining from sharing personal and sensitive information; using strong passwords and changing them regularly; updating device operating systems, and immediately reporting suspicious or unusual activities to BSP-Supervised Financial Institutions (BSFIs) or firms covered by the regulatory oversight of the central bank. Meanwhile, the BSP reminded the BSFIs to observe strict compliance with policies on the management of cyber security risks.
Last year, the BSP backed a measure protecting consumers from cybercrime which is the Financial Accounts Regulation Act. This bill recognizes the need to protect the public from cybercriminals and syndicates who target bank accounts and e-wallets.