Use all available security features for online transactions — Bangko Sentral

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THE Bangko Sentral ng Pilipinas (BSP) advised consumers to use all possible and available security features when conducting online transactions.

The call was made by the BSP as part of its efforts to protect consumers from fraudulent activities and strengthen cyber security.

The BSP likewise encourages digital financial consumers to enable multiple layers of security features such as multi-factor authentication (MFA) for online transactions in BSP-Supervised Financial Institutions’ (BSFIs) digital platforms.

The state banking regulator also reminded BSFIs to strictly comply with policies on the management of cyber security risks.

MFA requires users to verify their identity through several methods before proceeding with a transaction. The authentication feature involves the use of one-time PINs (OTPs), biometric authentications, and mobile banking PINs (M-PIN).

Authentications are sent through SMS, e-mail, or phone call. Enabled notifications will promptly alert the individual if a transaction was completed.

Furthermore, the BSP advised financial consumers to practice cyber hygiene by refraining from sharing personal and sensitive information, encouraged the use of strong passwords and changing them regularly; updating device operating systems; and to immediately report suspicious or unusual activities to BSFIs.

“E-safety is everyone’s responsibility,” the BSP reminds the public.

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