Bangko Sentral ng Pilipinas (BSP) Deputy Governor Chuchi Fonacier released a memorandum to all banks. And then, other financial institutions flagging that cyber threats called SMiShing (short for SMS phishing) in which fraudsters send disturbing text messages to depositors for access to their accounts.
When more scammers dupe depositors into giving personal data through bogus text messages, financial companies are urged to review their security protocols. And also, speed up anti-fraud initiatives.
The scheme involves fake texts patterned. It was after banks and e-wallet services official advisories asking a customer to provide their online banking credentials or login information, either by text or by clicking a connection to a fake website pretending to be a bank’s official portal.
Bank employees sometimes fall victim to cyber-attacks by inadvertently exposing confidential information, the BSP said.
The central bank has asked all financial firms. It aimed to step up education campaigns against SMiShing among workers, customers, and the public.
“Because of the rapidly changing nature of such attacks, BSFIs (BSP-supervised financial institutions) should take multi-layer controls,” added the BSP.
In addition, borrowers should review the rules of their fraud detection program. And also, constantly chase threats and detect suspicious activities.
Banks can also take reasonable measures to get phishing or suspicious websites taken down.
“As part of the consumer security policy of the BSFIs, requests for clarification and concerns from consumers about SMiShing and SMS spoofing accidents, there must be action upon promptly in order to mitigate financial losses,” the order added on August 19.
In particular, in the midst of the COVID-19 pandemic, the BSP has been calling for increased digital or cashless payments. It aimed to reduce contacts and potential infections.
Follow and join us on Youtube, Instagram, Facebook, and Twitter to be part of the trader community in Asia
