BSP rolls out cyber hygiene campaign

By Keisha B. Ta-asan | BusinessWorld
January 3, 2023


THE BANGKO SENTRAL ng Pilipinas (BSP), together with the Bankers Association of the Philippines (BAP) and the Bank Marketing Association of the Philippines (BMAP), has launched an information campaign aimed to improve cyber hygiene.

The “Check-Protect-Report” (CPR) information drive aims to help protect financial consumers against illicit activities online, the BSP said in a statement on Monday.

“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 M. Medalla said.

“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% of Filipino adults to the formal financial system by 2023,” he added.

The central bank said consumers should check and be careful before sharing any data as financial institutions are only required to ask for personal information when they are contacted by their clients.

Consumers should also protect their personal data from suspicious text messages or e-mails and should “report” to their banks any unlawful transactions.

The information drive highlights that cybersecurity is a shared responsibility among financial regulators, industry participants, and financial consumers, the BSP said.

“Our 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,” BAP President Antonio C. Moncupa said.

“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,” he said. “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.”

The BMAP said partnering with the central bank and the BAP will help raise consumer awareness against cybercrime.

“Cyber criminals 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,” BMAP President Mai Gacilo Sangalang said.

“With this, we call on the public to always be vigilant, practice due diligence, and to not be complacent when it comes to cybersecurity,” she added. — K.B. Ta-asan