E Said The Circular Is Expected To Lessen Losses From Fraud And Cybercrimes News Today : Breaking News, Live Updates & Top Stories | Vimarsana

FRAUD MONITORING. BSP now requires financial institutions to have an automated and real-time fraud monitoring and detection system to address the rising cyberattacks on consumers. BSP Governor Benjamin Diokno said these systems should also be linked to the FIs' comprehensive financial crime prevention system. (PNA file photo) MANILA - Financial institutions (FIs) regulated by the Bangko Sentral ng Pilipinas (BSP) are now required to have an automated and real-time fraud monitoring and detection system to address the growing incidents of cyber frauds. In a virtual briefing on Thursday, BSP Governor Benjamin Diokno said they recently issued Circular No. 1140 as an amendment to the Information Technology Risk Management Framework after their surveillance showed that cyberattacks and illegal schemes affect two or more FIs simultaneously. Diokno said the FIs' automated fraud monitoring systems, as well as their anti-money laundering system, "should be linked or integrated to ha

Benjamin dioknoBangko sentralInformation technology risk management frameworkFraud monitoring bsp now requires financial institutions to have an automated and real time detection system address the rising cyberattacks on consumers governor benjamin diokno said these systems should also be linked fis 39 comprehensive crime prevention pna file photo manila regulated by bangko sentral ng pilipinas are required growing incidents of cyber frauds ina virtual briefing thursdaySp governor benjamin diokno said they recently issued circular no 1140 as an amendment to the information technology risk management framework after their surveillance showed that cyberattacks and illegal schemes affect two or more fis simultaneously 39 automated fraud monitoring systemsS well as their anti money laundering systemUot should be linked or integrated to havea cohesive and comprehensive financial crime prevention system quot fis are also encouraged use interactive platforms for their consumer education programE said the circular is expected to lessen losses from fraud and cybercrimesNd boost the central bank 39s bid to further increase digital financial transactions in country quot bsp believes thata holistic and coordinated approach among industry players is necessary ensure that funds cannot be easily siphoned off by fraudsters cybercriminals line with thisHe bsp shall continue to engage with relevant stakeholders ensure that policy frameworks and supervisory actions are effective responsive amida fast evolving cyber security environmentUot diokno said he digital payments adoption in the country continues to broaden through sustained growth use of interoperable facilitiesUch as electronic funds transfer facilities pesonet and instapayHe national qr code standard called phNde gov payA web based facility that the public can use to file and pay contributions payments of government loansMong others diokno said that from 21 8 million transactions amounting to php1 3 trillion in 2021