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.
In a recent advisory, the BSP encouraged digital financial consumers to enable multiple layers of security features, including multi-factor authentication (MFA), for online transactions in BSP-Supervised Financial Institutions’ (BSFIs) digital platforms. The BSP also reminds BSFIs to strictly comply with policies on the management of cyber security risks.
MFA requires users to verify their identity through several methods before proceeding with a transaction. MFA includes one-time PINs (OTPs), biometric authentications, and mobile banking PINs (MPIN). Authentications are sent through SMS, e-mail, or phone call. Enabled notifications will promptly alert the individual if a transaction was completed.
Further, the BSP advised 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 BSFIs.
“The BSP continuously reminds the public that e-safety is everyone’s responsibility,” the BSP stated
