August 6, 2021

BAP encourages the general public to be more cautious in the face of cybercriminals

It has been recommended by the Bankers Association of the Philippines (BAP) that members of the public should follow financial institutions’ recommendations on best practices for protecting themselves from cybercriminals.

In a statement issued on Thursday, the BAP highlighted an increase in online fraud, such as phishing, and other cybercrimes, particularly since the pandemic began in 2020 as justification.

“We urge the general public to be on the lookout for these types of scams. Cybercriminals are always innovating new techniques of defrauding the general population. In addition, we would like to remind our clients that financial institutions routinely share recommended practices that the general public may use to protect their cyber safety. We encourage everyone to be aware of these warnings and to put them into practice so that hackers will be unable to carry out their attacks,” the statement added.

The BAP also reassured the public that all banks have strict procedures in place when it comes to investigating cybercrimes in order to identify and punish the perpetrators of these crimes.

It also said that the sector is continuing to make efforts in cybersecurity to ensure that customers’ personal data is protected at all times.

“Ensuring the security of everyone in cyberspace must be a collaborative effort between banks and their customers. Our demand for cooperation among stakeholders such as law enforcement agencies, regulators, the banking sector, and the general public in order to collect and share information regarding cyber risks has been reiterated by the Bangko Sentral ng Pilipinas. This would enable for the rapid development of countermeasures to prevent these dangers from causing damage to Filipinos,” the statement said.

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