The Bangko Sentral ng Pilipinas on Tuesday, Aug. 9, issued another public reminder to stay alert against fraudulent text messages and unsolicited emails, also known as SMiShing which is a variant of phishing.
The central bank is again advising the public to protect their personal information and to carefully scrutinize messages even if these appear to be coming from banks, e-money issuers, or known companies or brands. “While these websites may seem legitimate, fraudulent sites often have errors in spelling, punctuation, capitalization, and grammar. Banks, e-money issuers, and legitimate companies exert extra effort to maintain professional websites without such errors,” said the BSP. “Consumers who experienced SMiShing attempts are advised to report these to their banks or e-money providers immediately,” it also said.
As part of risk analysis, BSFIs are also ordered to implement mandatory notifications for fund transfers exceeding a predefined amount, delays in activating new soft tokens or new device registrations, and a cooling-off period for key account changes. Based on the BSP’s cyber threats surveillance, in 2021 the top three types of cyber incidents reported by BSFIs were: phishing; “card not present” fraud; and identity theft.
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