The Bangko Sentral ng Pilipinas (BSP) is coordinating closely with banks, financial institutions, industry associations, and other government agencies to curtail illegal online gambling, money-laundering, and terrorist-financing activities.
“The BSP is adopting policies and regulations to guide banks and other supervised institutions in deploying a risk-based approach to cyber security management,” outgoing BSP Governor and incoming Finance Secretary Benjamin Diokno said.
The central bank recently issued memoranda that outlined supplementary controls that BSP-supervised financial institutions (BSFIs) can use to prevent unauthorized transactions in online channels, and also reiterated enhanced Know-Your-Customer mechanisms to detect possible suspicious transactions.
According to the BSP, it has been consistently reminding BSFIs to strengthen their safeguards against unlawful online activities, such as phishing and account takeovers.
The regulator is pursuing a sustained information campaign to remind the public to practice cyber hygiene and be vigilant when performing digital transactions.
The BSP urged the public to report suspected unlawful activities to the Philippine National Police (PNP) through email@example.com and (+632) 8723-0401 local 3696 as well as the National Bureau of Investigation (NBI) via
firstname.lastname@example.org and (+632) 8523-8231 to 38.