BSP Partners With Banks to Advance Cyber Security

The Bangko Sentral ng Pilipinas (BSP) is collaborating with the Bank Marketing Association of the Philippines (BMAP) and the Bankers Association of the Philippines (BAP) to tackle cybercrime with a “Check-Protect-Report” (CPR)  information drive to raise awareness among Filipinos.

This “Check” highlights being careful with information sharing as legitimate banks and financial institutions (FIs) will ask for personal data only when contacted by their clients.

The “Protect” aspect would entail safeguarding and not sharing personal data with random emails or text messages.

The “Report” aspect would entail financial consumers informing their FIs or banks regarding 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,” mentioned BSP Governor Felipe M. Medalla.

He added that “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,”

BSP likewise mentioned that the communication campaign is targeted at providing Filipino consumers with the adequate information needed to protect themselves against scams online. This also highlights that cybersecurity is a shared responsibility among consumers, industry participants, and financial regulators.

“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 cyber criminals,” mentioned BAP President Antonio C. Moncupa.

Source: Business Mirror