The BSP urged banks instead to personalize SMS messages and emails for banking services and implement mandatory notifications for fund transfers exceeding a predefined amount.
Globe president and CEO Ernest Cu also asked the government to institute stronger measures against phishing, noting that current laws are lacking in terms of enabling the prosecution of cybercriminals.
Landbank said it is also coordinating with the Department of Education for the list of teachers who were reportedly victimized through phishing, even as the state-owned bank conducts its own investigation into their accounts.
The Land Bank of the Philippines clarified on Monday, Jan. 24, that its systems were not hacked following reports that alleged unauthorized transactions were experienced by two teachers who maintain payroll accounts with the state-owned bank.
The bill will also require banks and non-bank financial institutions not only to respond to cybercrime reports with more urgency, but also strengthen their online platforms, payment systems, and data security.
One subject area that has dropped off dramatically includes messages related to Covid-19, the report said, adding that end-users have become more savvy about scams related to that topic.
The National Privacy Commission (NPC) has also asked the National Telecommunications Commission to take down the website Pilipinas2022.ph for multiple violations of the Data Privacy Act.
BSP governor Benjamin Diokno said the common crimes committed included fraudulent card usage and unauthorized or disputed transactions due to phishing e-mails and stolen one-time password (OTP).
