BSP tells consumers: Practice ‘cyber hygiene’ in digital transactions

Photo from: Bangko Sentral FB page

By: UNTV web

The Bangko Sentral ng Pilipinas (BSP) advised financial consumers to practice cyber hygiene when making online transactions.

The BSP said cyber hygiene refers to practices and steps that users of digital devices and financial services take to ensure online security.

While central bank’s policies and regulations direct supervised financial institutions to comply with stringent cybersecurity risk management protocols and internal controls, it said consumers also have the responsibility to reduce their vulnerability to usage errors and be vigilant against financial crimes perpetrated online.

As consumers shifted to online financial transactions during the pandemic, the BSP noted that internet banking, mobile banking and e-money remain among the top concerns reported through the Consumer Assistance Management System (CAMS).

“Most issues pertain to fund transfers, crediting funds to recipient accounts, and unauthorized transactions,” it said.

It added that these data underscore that cybersecurity is the shared responsibility of financial institutions and consumers alike.

They likewise strengthen the resolve to intensify implementation of its Digital Literacy Program, which aims to increase public trust and confidence in the digital finance ecosystem and encourage massive usage of digital financial services by consumers across all sectors, including individuals, corporations, businesses, and even government institutions.

Digital literacy is seen as a core skill necessary for financial consumers to fully benefit from the digital finance ecosystem, the BSP said.

Digitally literate consumers are those who understand how to use digital financial services; know the risks of usage and have the ability to protect themselves from such risks; and aware of consumer rights and redress procedures, it added.


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