BSP calls on public to avail of security features for online transactions

The Bangko Sentral ng Pilipinas (BSP) on Monday called on the public to avail of all available security features for online transactions, in line with efforts to avoid fraudulent activities and boost cyber security.

In an advisory, the central bank said digital financial consumers should enable additional security features such as multi-factor authentication (MFA) for online transactions.

With MFA, users are required to verify their identity — through one-time PINs (OTPs), biometric authentications, and mobile banking PINS (MPIN) — before transactions are allowed to push through.

Authentications are sent to users through SMS, email, or phone call, and alert users upon completion of transactions.

“The BSP advises financial consumers to practice cyber hygiene by refraining from sharing personal and sensitive information; using strong passwords and changing them regularly; updating device operating systems; and immediately reporting suspicious or unusual activities to BSFIs,” the central bank said.

It was referring to BSP-Supervised Financial Institutions or firms covered by the regulatory oversight of the central bank.

“The BSP also reminds BSFIs to strictly comply with policies on the management of cyber security risks,” it said.

BSP Governor Benjamin Diokno last month flagged risks on digital transactions, particularly involving non-fungible tokens after the $600-million theft of digital tokens from a digital ledger used by players of popular online game Axie Infinity.

The BSP also last year expressed its support for the Financial Accounts Regulation Act, which recognizes the need to protect the public from cybercriminals and syndicates who target bank accounts and e-wallets.  —Jon Viktor D. Cabuenas/KBK, GMA News