Manila: A major private universal bank is using all available channels to combat financial fraud, consistently adhering to directives from the Bangko Sentral ng Pilipinas (BSP) and other regulatory agencies. Roy Villareal, BDO Unibank senior vice president and head of digital banking under the Consumer Banking Group, said in a press briefing at the Summit Hotel here on Friday that they are using multiple conduits to counter the growing threat and are amplifying their security advisories across their communication platforms.
According to Philippines News Agency, BDO's customer information efforts also align with directives from the BSP, as banks and regulators work together to strengthen public awareness and protection against financial fraud, Villareal said. Last year, government agencies relaunched the 'Protect Your Money' drive to teach people how to spot and report fraudulent schemes. The revitalized campaign is a joint initiative of the BSP, Insurance Commission, Philippine Deposit Insurance Corporation, and Securities and Exchange Commission. It aims to help consumers understand their financial rights and how to seek help; explore savings, loans, investments, and digital transactions; and stay ahead of scams, fraud, and financial pitfalls.
Villareal noted that scammers are increasingly exploiting every available communication channel to deceive customers, making it harder for the public to distinguish legitimate bank communications from fraudulent ones. From text messages and online platforms to other digital channels, scammers can use various tactics to make their schemes appear legitimate. This makes awareness and caution increasingly important, especially when customers receive unexpected messages or requests. Villareal warned customers who are unsure about a message's legitimacy not to engage with it. He also urged customers not to click on suspicious links, emphasizing that the safest response is to simply ignore the message.
'If you have no idea at all, do not entertain. Don't click the link and move on with your life,' Villareal said. Another key reminder is never to disclose one-time passwords (OTPs), which are intended to protect customers' accounts and transactions. Villareal emphasizes that combating scams depends on collaboration between the financial sector and the public. The BSP and local banks have forged partnerships under the Anti-Financial Account Scamming Act (AFASA) and through joint public drives to prevent online fraud and protect user funds. AFASA Law, or Republic Act No. 12010, holds banks and e-wallets legally liable if they fail to block cyber scams. Under new BSP guidelines, banks are moving away from simple SMS passwords to advanced biometrics for high-risk money transfers.
