The Bangko Sentral ng Pilipinas (BSP) renewed calls for the immediate passage of a measure that seeks to protect the public from cybercriminals and syndicates targeting bank accounts and e-wallets.

In a statement over the weekend, the BSP said Senate Bill 2380 or the Bank Account, E-wallet, and Other Financial Accounts Regulation Act would strengthen the country’s legal framework for financial consumer welfare and foster greater public awareness on cybersecurity.”

The BSP said passage of the bill would install confidence in the use of electronic payments as phishing will be considered a fraudulent activity.

Phishing refers to a scheme where a scammer posing as a legitimate or trusted entity obtains sensitive information by illegally accessing an individual’s online account.

The proposed measure l also prevents the opening of an e-wallet account under a fictitious name or using the identity or identification documents of another to receive and transfer or withdraw proceeds derived from a suspicious activity or cybercrime.

Around the “ber” months, the BSP would usually release several advisories for banks to have extra vigilance against cyber attacks, mainly phishing.

According to the Philippine National Police-Anti- Cybercrime Group, the number of online scams surged to alarming levels with 98.4 percent of reports on crimes and losses filed by banks.

The BSP urged banks to put in place a customer assistance help desk which will be available 24/7.

Banks are also urged to beef up their surveillance on online banking systems and activities during holidays or long weekends and to timely block or suspend accounts reported by clients or those tagged as fraudulent or suspicious while ensuring that procedures to resolve disputes have quick turn-around-time.

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BSP urges immediate passage of anti-cybercrime bill
Source: Filipino Daily Inquirer