The Philippine Central Bank or the Bangko Sentral ng Pilipinas (BSP) is working with various financial institutions, industry associations, and other government agencies to combat cybercrimes like illegal online gambling, money laundering, and terrorist financing activities.
The BSP recently issued guidelines that financial institutions, credit card companies, and banks can use to prevent unauthorized transactions in online channels and reiterated enhanced Know-Your-Customer mechanisms to detect possible suspicious transactions.
The central bank has also consistently reminded financial institutions 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.
BSP Governor Benjamin E. Diokno said, “The BSP is adopting policies and regulations to guide banks and other supervised institutions in deploying a risk-based approach to cybersecurity management.”
The public is urged to report suspected unlawful activities to:
