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May 27, 2024

Public told to use security features for online transactions

The Bangko Sentral ng Pilipinas (BSP) has urged the public to use all available security features for online transactions as part of efforts to protect consumers from fraudulent activities and strengthen cyber security.

The BSP is encouraging digital financial consumers to enable multiple layers of security features such as multi-factor authentication (MFA) for online transactions.

According to the central bank, the MFA requires users to verify their identity through several methods including one-time PINs (OTPs), biometric authentications, and mobile banking PINs (MPIN) before proceeding with a transaction.

The BSP said the authentications are sent through SMS, e-mail, or phone call, while enabled notifications will promptly alert the individual if a transaction was completed.

“Further, the BSP advises financial 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 banks,” it said.

The regulator also reminded BSP-Supervised Financial Institutions (BSFIs) to strictly comply with policies on the management of cyber security risks.

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