BSP warns vs fake dollar-exchange advisory

‘Warning that the public should be alert against fake information the BSP stressed that it does not accept US dollars in exchange for peso as such transaction is processed only through BSP-supervised private banks and money service businesses such as money changers, remittance service providers and finance firms.’

The Bangko Sentral ng Pilipinas is alerting the public against fraudsters urging them to convert their US dollars with stamps into peso by 12 March.

In a statement released Saturday, the BSP said it has not issued any instruction to banks and other financial firms to implement the aforementioned.

Vigilance

Said the central bank, “The

BSP advises the public to remain vigilant against bogus information, particularly those circulating on online chat groups, as well as entities that misrepresent the BSP.”

It stressed that it does not accept US dollars in exchange for peso as such transaction is processed only through BSP-supervised private banks and money service businesses or MSBs, such as money changers, remittance service providers and finance firms.

To date, there are over 7,500 BSPaccredited MSBs nationwide.

Seven million scam-attempts

Data from Globe Telecom Inc. alone show that tthere were over 7 million attempts of bank-related and SMS-based scams from January to September last year.

To educate the public in protecting themselves against financial fraud, a cybersecurity movement was launched last December by private banks and other financial firms, the Department of Justice, Philippine National Police Securities and Exchange Commission, and the Department of Information and Communications Technology.