BSP taps bankers to promote cybersecurity

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 fight cybercrime through the “Check-protect-report” (CPR) information drive to foster cyber hygiene among Filipinos.

The “Check” is about being careful when sharing information as legitimate banks and financial institutions (FIS) will only ask for personal data when they are contacted by their clients.

The “Protect,” meanwhile, 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 FIS about suspicious transactions.

“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 was quoted in a statement as saying.

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

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

It also underscores that cyber security is a shared responsibility among financial regulators, industry participants, and financial consumers.

“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,” said BAP President Antonio C. Moncupa.

More vulnerable

MONCUPA further said that “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,” he added.

BMAP President Mai G. Sangalang expressed the association is pleased to partner with the BSP and BAP in the campaign toward raising consumer awareness and vigilance 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,” 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.”

Based on the Philippine Development Plan (PDP), the BSP will continue to use regulatory technology (Regtech) to fight cybercrimes and benefit financial sector firms and supervising agencies.

This strategy is expected to improve regulatory compliance as well as help the private sector pursue greater digitalization and improve the design and delivery of innovative financial products and services.

Regtech aims to provide efficient and effective public and private sector solutions to prevent fraud, money laundering, and terrorist financing; and streamline prudential reporting.

It can also be used to conduct effective creditworthiness assessments and provide a more efficient, timely, and accurate manner of meeting reportorial and compliance requirements, among others.