BSP-issued rules to curb cybercrime – Diokno
BY ANNA LEAH E. GONZALES
RISK management rules for supervised entities will further strengthen the financial system’s cybersecurity posture and minimize losses from fraud and cybercrime, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said on Thursday.
“Issued via Circular 1140, the rules require BSP-supervised financial institutions (BSFIs) to implement automated and realtime fraud monitoring and detection systems to identify and block suspicious or fraudulent online
transactions,” Diokno said at a GBED talk.
Diokno noted that based on BSP’s cyberthreat surveillance activities, the impact of cyberattacks and fraudulent schemes affect two or more financial institutions simultaneously.
To address this, the circular calls for complementary controls as robust and effective fraud management systems for both originating and receiving institutions will serve as early warning mechanisms that can significantly reduce fraud losses.
“A holistic and coordinated approach among the industry players is necessary to ensure that funds cannot be easily siphoned off by fraudsters and cybercriminals,” Diokno said.
Circular 1140 also provides for education and awareness programs such as a mandatory consumer education course on the safe and secure use of electronic payment and financial services, including their associated risks.
Diokno gave assurances that the BSP would continue to engage BSFIs and the wider financial community to ensure that policy frameworks and supervisory actions were effective and responsive to the changing cyberthreat landscape.
Business Times
en-ph
2022-05-13T07:00:00.0000000Z
2022-05-13T07:00:00.0000000Z
https://digitaledition.manilatimes.net/article/281848647196747
The Manila Times