Philip­pines to have a new se­cu­rity frame­work

Banking Frontiers - - Reg­u­la­tor -

The Philip­pine cen­tral bank Bangko Sen­tral ng Pilip­inas is de­vel­op­ing a frame­work to counter cy­ber se­cu­rity threats against the bank­ing in­dus­try. Gover­nor Nestor A. Espe­nilla, Jr. said cy­ber-crime is hap­pen­ing even in the best, the most ad­vanced coun­tries, so banks in the coun­try can­not prom­ise to­tal pre­ven­tion but what they can prom­ise is a strong frame­work that quickly iden­ti­fies, con­tains, and makes the sys­tem re­silient to the threat. He added that the cen­tral bank will make sure that re­forms hap­pen. In June, some 1.5 mil­lion clients of the Bank of the Philip­pine Is­lands (BPI) were af­fected by a dou­ble­post­ing of trans­ac­tions which caused er­rors in the records of their out­stand­ing bal­ances. Later, clients of BDO Uni­bank re­ported unau­tho­rized with­drawals from their ac­counts. They were later found to be vic­tims of au­to­mated teller ma­chine (ATM) skim­ming.

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