Central Bank advises consumers to observe cybersecurity mgmt

The Bangko Sentral ng Pilipinas (BSP) has advised financial consumers to observe cyber hygiene when making online financial transactions.
Cyber hygiene refers to practices and steps that users of digital devices and financial services take to ensure online security. While BSP policies and regulations direct supervised financial institutions to comply with stringent cybersecurity risk management protocols and internal controls, consumers also have the responsibility to reduce their vulnerability to usage errors and be vigilant against financial crimes perpetrated online.
“Cybersecurity awareness and cyber risk management should be part of the daily routine of Filipinos. Every consumer must diligently observe cyber hygiene practices to protect themselves from scammers and fraudulent financial transactions.”
As consumers shifted to online financial transactions during the pandemic, internet banking, mobile banking and e-money remain among the top concerns reported through the Consumer Assistance Management System. Most issues pertain to fund transfers, crediting funds to recipient accounts, and unauthorized transactions.
These data underscore that cybersecurity is the shared responsibility of financial institutions and consumers alike. It likewise strengthens the resolve for BSP to intensify the implementation of its Digital Literacy Program, which aims to increase public trust and confidence in the digital finance ecosystem and encourage massive usage of digital financial services by consumers across all sectors, including individuals, corporations, businesses, and government institutions.
The BSP sees digital literacy as a core skill necessary for financial consumers to fully benefit from the digital finance ecosystem. Digitally literate consumers are those who understand how to use digital financial services; know the risks of usage and have the ability to protect themselves from such risks; and aware of consumer rights and redress procedures.
Digital literacy becomes more crucial as the BSP implements various aspects of its Digital Payments Transformation Roadmap, which aims to shift at least 50 percent of retail payment transactions to digital, and to have at least 70 percent of adult Filipinos owning and using a bank account or e-wallet by 2023. – Press release