BSP highlights consumers’ role in reducing cyber risks

Consumers play a critical role in reducing their vulnerability to cyber risks, according to the Bangko Sentral ng Pilipinas (BSP).

BSP Governor Benjamin Diokno. TMT File Photo

In a virtual briefing on Thursday, BSP Governor Benjamin Diokno said that as the central bank promotes the wider use of safe digital payments under the new economy, it was also aware of the need to address risks related to the increased accessibility of innovative digital financial products and services.

“This includes efforts to stamp out fraud related to the use of credit card,” he added.
Based on the Bangko Sentral’s analysis, fraudulent credit card transactions commonly involve information and identity theft; phishing and its variations; and card skimming and card replacement schemes, according to the central bank chief.

“Note that unwittingly divulging personal and account information may lead to unauthorized credit card usage,” he said.

With this, Diokno said the BSP believes that electronic safety was a collective responsibility.
“The BSP also recognizes the critical role of consumers in reducing vulnerability to cyber risks. Credit card holders must know their rights as well as their responsibilities when using plastic,” he added.

To help consumers, the Bangko Sentral governor said the regulator would continue sustaining its information campaign, citing its Digital Literacy Program, which disseminated advice on how to protect online banking accounts.

This includes creating strong passwords, watching out for phishing emails and spoofed websites, and keeping one’s account and personal information confidential.

The Bangko Sentral also has a consumer assistance mechanism that enables financial consumers to forward their concerns to BSP-supervised financial institutions (BSFIs).

This mechanism is now more accessible through the BSP Online Buddy (BOB), Diokno said.

The central bank also issued regulations mandating BSFIs to put in place stringent information technology security controls and sound risk management practices, and to adopt industry-standard technology, like a multifactor authentication system for online transactions.

It also tightened the reporting requirements for BSFIs on cyber-related incidents and operational disruptions to ensure that consumers are protected should an actual attack take place.

Source: ManilaTimes