THE Bangko Sentral ng Pilipinas (BSP) is coordinating closely with BSP-supervised financial institutions (BSFIs), industry associations, and other government agencies to curtail illegal online gambling, money-laundering, and terrorist-financing activities.
“The BSP is adopting policies and regulations to guide banks and other supervised institutions in deploying a risk-based approach to cybersecurity management,” said BSP Governor Benjamin Diokno.
Recently, the BSP issued memoranda that outlined supplementary controls that BSFIs can use to prevent unauthorized transactions in online channels, and also reiterated enhanced Know-Your-Customer mechanisms to detect possible suspicious transactions.
The central bank has also consistently reminded BSFIs to strengthen their safeguards against unlawful online activities, such as phishing and account takeovers. It is also pursuing a sustained information campaign to remind the public to practice cyber hygiene and be vigilant when performing digital transactions./PN
