BSP publishes memorandum for cyber fraud and attacks on retail electronic payments and financial services (Sabong News)
Author
MB Technews
Date
APRIL 20 2022
As the country has seen a growth in online transactions, so did cyber attacks.
Hackers are extremely adept and continuously evolving to ensure they can get access to sensitive data. With new protocols to ensure data security, hackers are using social engineering to manipulate potential victims into giving up information to their financial accounts, among others.
One of the most common ways of getting information from you is phishing and its variations “smishing” (where hackers will send you seemingly legitimate text messages) and “vising” (where hackers will send you a voice message).
To counter these attacks, the Bangko Sentral ng Pilipinas (BSP) has published their Memorandum No. M-2022-015, with the subject: Recommended Control Measures Against Cyber Fraud and Attacks on Retail Electronic Payments and Financial Services.
The memorandum, signed by Chuchi G. Fonacier, Deputy Governor of the Financial Supervision Sector of the BSP, last 22nd of March, has recommendations to eliminate possible exploits hackers can use, increase notifications to alert people into immediate response, and strengthen protocols.
The recommendations include:
These recommendations are meant to bolster current security controls, such as multi-factor authentication and taking down phishing sites, among others.
The memorandum also encourages the BSP’s Supervised Financial Institutions (BSFIs) to collaborate with information sharing platforms – the Bankers Association of Philippines Cyber Incident Database, was mentioned – to conduct fraud investigations and recover stolen funds. The memorandum goes on, saying the BSFI may need to seek assistance and cooperate with law enforcement for cybercrime cases.
