BSP Urges Public To Use Multi-Factor Authentication

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

BSP — On Monday, the Bangko Sentral ng Pilipinas urged the public to use available security features and to practice cyber hygiene in order to avoid becoming victims of fraudulent activities.

Photo source: Philstar

The central bank said in a statement that consumers should enable “multiple layers of security features” such as multi-factor authentication (MFA) in digital platforms and BSP-supervised financial institutions (BSFIs).

Using multi-factor authentication requires consumers to verify their identity via several methods before proceeding with a transaction. The central bank said that multi-factor authentication includes biometric authentications, one-time PINs (OTPs), and mobile banking PINs (MPIN).

According to the central bank, authentications are sent through e-mail, SMS, or phone call. When enabled, it will prompt the consumer if a transaction was completed.

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

mobile phone user
Photo source: ABS-CBN News

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

ABS-CBN News reported that phishing, SMS, and other scams have proliferated as the adaption of digital transactions accelerated during the coronavirus pandemic.

READ ALSO: BSP Says Consumer Prices To Go Up Faster Than Expected In 2nd Half Of 2022

Last month, the central bank told banks to boost their efforts in order to prevent phishing attacks that have led to losses for their clients amidst the rise in digital transactions.

BSP-supervised financial institutions should conduct continuing risk assessment of its product features, business rules and application controls, and implement appropriate enhancements and mitigation, as necessary,” the central bank said last March. “Fraudsters are adept in exploiting legitimate application features and business rules as well as in bypassing layers of controls.

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