BSP Working To Establish National Approach vs Cyber Fraud

BSP was working to establish a national approach against cyber fraud.

BSP — On Tuesday, the Bangko Sentral ng Pilipinas said that it was working with financial institutions and industry players in order to establish a national approach against cyber fraud.

Photo source: ABS-CBN News

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

Earlier, a credit card group noted that phishing and smishing (SMS phishing) drove the increase in credit card fraud in the Philippines.

The central bank added that other traditional schemes such as SIM fraud scams and Bank Identification Number (BIN) attacks persisted, contributing further to the credit card fraud incidents.

Photo source: Security Boulevard

In a statement, the central bank said that it has reached out to international card schemes and telecommunications companies in order to obtain wider visibility of the cyberthreat landscape and to also establish coordinated responses aimed at strengthening cyber resilience of the financial system.

The central bank also said that it strongly supported the passage of a measure that would make SIM card registration mandatory, adding that a number of regulations have been updated in order to strengthen risk management and preparedness of financial institutions.

READ ALSO: BSP Says NBI To File Criminal Cases vs Brains Behind Bank Hacking Incident

Moreover, the central bank said that consumers were urged to practice e-safety in order to protect themselves from “social engineering schemes” which could lead to virtual account takeovers and identity theft.

Telecommunication companies in the Philippines were working with authorities in order to curb the recent spread of SMS scam which was likely operated by a global syndicate.

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