Bangko Sentral ng Pilipinas revealed that its Consumer Protection and Market Conduct Office got about 20,000 financial cybercrime complaints in 2020 — the same year where a global health crisis forced most people to conduct online transactions while stuck at home.
As per Benjamin Diokno, BSP’s governor, about 13% of the complaints involve unauthorized and fraudulent transactions of different financial products and services like credit card, deposit, remittance, and electronic money.
On the upside, the large number of complaints is an indication that more Filipinos are now aware of BSP’s consumer assistance mechanism — Diokno added.
He added that the complaints had been referred to the respective financial institution to get the appropriate response and handling.
The BSP exec said that cases like these are some of the reason why financial officials want to push certain bills into law — bills that will help protect consumers from financial cybercrimes.
One of those bills is the Financial Consumer Protection Act (FCPA). This bill is a consolidation of the Financial Products and Services Consumer Protection Act that was passed third reading in the House of Representative last June 2, 2020.
As per Diokno, the bill will enhance regulators’ authority to help protect the interest of financial consumers.
He added that this critical bill would help stop fraudulent activities targetting financial consumers. It can instill discipline among financial service providers, help boost the public’s confidence in the financial market, and promote financial stability.