BSP urges use of online security features

The Bangko Sentral ng Pilipinas (BSP) on Monday, April 18, has again called on the public, especially digital financial consumers, to make use of “all available security features for online transactions” as protection against cyber fraud.

“The BSP encourages digital financial consumers to enable multiple layers of security features, including multi-factor authentication (MFA), for online transactions in BSP-supervised financial institutions’ (BSFIs) digital platforms,” the BSP said in an advisory.

At the same time, the BSP is reminding all BSFIs to “strictly comply with policies on the management of cyber security risks.”

MFA requires users to verify their identity through several methods before proceeding with a transaction. MFA includes one-time PINs or OTPs, biometric authentications, and mobile banking PINs or MPIN. Authentications are sent through SMS, e-mail, or phone call. Enabled notifications will promptly alert the individual if a transaction was completed.

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

The BSP has been strongly advising the public to practice cyber hygiene such as refraining from sharing personal as well as sensitive information, and by using strong passwords and changing them regularly.

It also reminds the public to update device operating systems and to report immediately any suspicious or unusual activities to their banks or digital non-bank service providers.

The BSP has recently approved new rules on banks and non-banks’ robust fraud management systems to build up its cybersecurity resiliency.

BSP Circular No. 1140, which BSP Governor Benjamin E. Diokno signed last March 24, amended the existing IT risk management regulation not just to reinforce consumer education and awareness of cyber threats but also to strengthen cybersecurity and minimize losses due to fraud and cybercriminal activities.

The new circular is part of a comprehensive cybersecurity guidelines that BSP has been preparing.

The BSP is giving BSFIs until end-December 2022 to comply with circular standards, and to show its plan of actions including specific timelines and status before achieving full compliance.

It was in December 2021 when Diokno first announced BSP’s intention to issue stronger regulations on banks’ fraud management systems following the hacking crisis which victimized a number of BDO Unibank Inc. clients. The hacking incident also involved Union Bank of the Philippines.

The Bangko Sentral ng Pilipinas (BSP) on Monday, April 18, has again called on the public, especially digital financial consumers, to make use of “all available security features for online transactions” as protection against cyber fraud.

“The BSP encourages digital financial consumers to enable multiple layers of security features, including multi-factor authentication (MFA), for online transactions in BSP-supervised financial institutions’ (BSFIs) digital platforms,” the BSP said in an advisory.

At the same time, the BSP is reminding all BSFIs to “strictly comply with policies on the management of cyber security risks.”

MFA requires users to verify their identity through several methods before proceeding with a transaction. MFA includes one-time PINs or OTPs, biometric authentications, and mobile banking PINs or MPIN. Authentications are sent through SMS, e-mail, or phone call. Enabled notifications will promptly alert the individual if a transaction was completed.

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

The BSP has been strongly advising the public to practice cyber hygiene such as refraining from sharing personal as well as sensitive information, and by using strong passwords and changing them regularly.

It also reminds the public to update device operating systems and to report immediately any suspicious or unusual activities to their banks or digital non-bank service providers.

The BSP has recently approved new rules on banks and non-banks’ robust fraud management systems to build up its cybersecurity resiliency.

BSP Circular No. 1140, which BSP Governor Benjamin E. Diokno signed last March 24, amended the existing IT risk management regulation not just to reinforce consumer education and awareness of cyber threats but also to strengthen cybersecurity and minimize losses due to fraud and cybercriminal activities.

The new circular is part of a comprehensive cybersecurity guidelines that BSP has been preparing.

The BSP is giving BSFIs until end-December 2022 to comply with circular standards, and to show its plan of actions including specific timelines and status before achieving full compliance.

It was in December 2021 when Diokno first announced BSP’s intention to issue stronger regulations on banks’ fraud management systems following the hacking crisis which victimized a number of BDO Unibank Inc. clients. The hacking incident also involved Union Bank of the Philippines.


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