THE central bank is working to strengthen cybersecurity measures through regulations, cyber surveillance and collaboration with other government agencies to protect consumers in an era of increasing digital payments.

“We will continue to find innovative strategies to sustain the resilience of the financial services industry as we transition towards the New Economy,’’ Bangko Sentral ng Pilipinas Governor Benjamin E. Diokno said in an online briefing.

Mr. Diokno said fraud may come in forms of scams related to investment products. He also noted those recruiting people to lend their personal accounts to receive online transfers from illegal sources in the guise of donations.

The central bank chief said financial institutions are required to have fraud management mechanisms that flag unusual transactions. He said the BSP is regularly coordinating with financial institutions as well as the National Bureau of Investigation and the Philippine National Police in monitoring financial crimes.

The BSP said transactions in InstaPay and PESONet have grown due to the coronavirus crisis.

“InstaPay exhibited sharp growth as this real-time funds transfer facility has gained greater traction especially for online payments for goods and services and low-value remittances,” the BSP said.

InstaPay is an electronic fund transfer scheme that allows amounts up to P50,000 to be credited real-time to a recipient account.

Financial assistance from government agencies also boosted transactions in PESONet, which processes bulk fund transfers of amounts more than P50,000 that are credited by the end of the banking day.

“During the enhanced community quarantine (ECQ), it is notable that the volume and value of InstaPay and PESONet spiked particularly when the ECQ was in effect for the full months of April and May, increasing by 84% and 24%, respectively,” the BSP said.

Meanwhile, BSP Director for Technology Risk and Innovation Supervision Department Melchor T. Plabasan said banks have been boosting cybersecurity measures to guard against fraud.

“They have deployed stronger networks and authentication controls,” he said. — LWTN

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