BSP, banks strengthen fight vs cyberattacks

MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has partnered with the Bankers Association of the Philippines (BAP) and the Bank Marketing Association of the Philippines (BMAP) to strengthen the campaign against cyberattacks.

The partnership aims to roll out the “Check-Protect-Report” (CPR) information drive to foster cyberhygiene among Filipinos.

“Amid the rise in digital transactions, the CPR campaign encapsulates what we encourage the public to cultivate as a habit. It is expected to enhance financial consumer welfare, further strengthen confidence in the use of electronic payments, and therefore promote growth,” BSP Governor Felipe Medalla said.

“Check” is about being careful when sharing information, as legitimate banks and financial institutions only ask for personal data when contacted by their clients.

“Protect” means safeguarding and not sharing personal data to senders of random text messages or emails, while “Report” enjoins financial consumers to urgently inform their banks or financial institutions about suspicious transactions.

The communication campaign aims to equip Filipino financial consumers with the information needed to protect themselves against online scams.

“Bolstering public trust in the payment system is supportive of the BSP’s goals under the Digital Payments Transformation Roadmap, which aims to digitalize half of the volume of retail payments and onboard 70 percent of Filipino adults to the formal financial system by 2023,” Medalla said.

The information drive also underscores that cybersecurity is a shared responsibility among financial regulators, industry participants, and financial consumers.

BAP president Antonio Moncupa said the strong collaboration with the BSP and BMAP complements the BAP’s #Cybersafe campaign by providing a platform to keep the banking public abreast and empowered with the knowledge of the ever-evolving schemes of cybercriminals.

“As proponents of safe and efficient banking practices, the banking industry continuously works closely with the regulators, legislators and law enforcement agencies to effectively curtail fraud and the proliferation of cybercrimes. Central to this goal is the protection of the banking public’s hard-earned funds, which can only be achieved with the joint effort by the financial institutions, government agencies and the customers themselves,” Moncupa said.

BMAP president Mai Gacilo Sangalang said the association is pleased to partner with the BSP and BAP to #FightFraudTogether toward raising consumer awareness and vigilance against cybercrime.

“Cybercriminals have evolved and reinvented scams that are becoming more complex and harder to detect. Further, a social media savvy population makes the country more vulnerable to cyberattacks and fraud incidents. With this, we call on the public to always be vigilant, practice due diligence, and to not be complacent when it comes to cybersecurity,” Sanggalang said.