Consumers play a critical role in reducing their vulnerability to cyber risks, according to the Bangko Sentral ng Pilipinas (BSP).
In a virtual briefing on Thursday, BSP Governor Benjamin Diokno said that as the central bank promotes the wider use of safe digital payments under the new economy, it was also aware of the need to address risks related to the increased accessibility of innovative digital financial products and services.
“This includes efforts to stamp out fraud related to the use of credit card,” he added.
Based on the Bangko Sentral’s analysis, fraudulent credit card transactions commonly involve information and identity theft; phishing and its variations; and card skimming and card replacement schemes, according to the central bank chief.
“Note that unwittingly divulging personal and account information may lead to unauthorized credit card usage,” he said.
With this, Diokno said the BSP believes that electronic safety was a collective responsibility.
“The BSP also recognizes the critical role of consumers in reducing vulnerability to cyber risks. Credit card holders must know their rights as well as…
