BSP launches Financial Services Cyber Resilience Plan 2024-2029
BSP launches Financial Services Cyber Resilience Plan 2024-2029
Category
🗞
NewsTranscript
00:00As banks gradually incorporate digital into all transactions, account holders, consumers and small businesses
00:06are reminded to fundamentally protect themselves through financial literacy and education.
00:10Thus, the Banco Central de Pilipinas, or BSP, has launched its five-year financial services cyber resilience plan
00:17to protect and educate consumers and its clientele on the ABCs of online scamming and financial fraud
00:24that our Denise Osorio dwells more at length on in this report.
00:27Security against cyber threats caused by modern technologies
00:33is what the Banco Central de Pilipinas brings to the forefront
00:36as they officially launch their financial services cyber resilience plan, or FSCRP, for 2024 to 2029.
00:43According to the central bank, the FSCRP defines the processes and rules for gradually reducing scamming incidents in the Philippines,
00:50a feat still quite difficult to implement.
00:53The ultimate objective really is to protect the consumers, individual consumers, MSMEs.
00:58Because right now, it's a bit difficult to prosecute this type of crime.
01:03So if we can make it easier to prosecute, in short, more people will be afraid to commit this type of crime.
01:11BSP Senior Director Melchor Plabasan highlighted the exemptions now granted for investigation purposes
01:17with the enactment of the Anti-Financial Account Scamming Act,
01:20now known as the AFASA Law, through Republic Act 12010.
01:24Exemption in the sense that before, when you are investigating,
01:28you are not allowed to look at the individual information about certain accounts.
01:33So with this one, if the sole purpose is to investigate, there is no violation of 1405.
01:40So we can investigate and really check who is the owner of the account that is being used for scamming.
01:46Additionally, the Bankers Association of the Philippines, or BAP,
01:49expressed support and desire to jail scammers and financial fraudsters,
01:53especially those who target those who are not aware or lack education on modern technology.
01:58Of course, but it's also about educating people that some of the acts that they think are innocent
02:07are actually criminal under the AFASA Law.
02:09For example, selling your ATM card, selling your account,
02:12under the AFASA Law, that's already criminal.
02:15BAP President Jose Teodoro Limcauco emphasized that the new law signed by President Ferdinand R. Marcos Jr.,
02:22together with the newly launched plan by the BSP,
02:25might change a few things that the Filipinos have gotten used to in this new age of technology.
02:33We have to be able to track the money, where it goes.
02:36There's also some plans to thinking about whether there should be a delay in the transfer.
02:42I'm not sure that's going to be part of it.
02:44Because the public has become very used to instant transfers.
02:48But it's something that we're working on.
02:50Meanwhile, Senator Mark Villar also stressed that as many regular citizens use services in the financial industry,
02:56the use of artificial intelligence continues to grow.
02:59And cyber security will continue to catch up.
03:01Like they said earlier, we just have to keep trying.
03:05Now, we have the tools, our tools are stronger now.
03:12But I think financial scamming and cases of financial fraud will be reduced.
03:18The Banco Central and the Bankers Association have only one rule for fellow Filipinos.
03:23Never share your OTP and password, and stay vigilant.
03:26Denise Osorio, from the National Television Network, for a new and better Philippines.