Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno ( Bloomberg file photo) In a memo (BSP Memorandum No. M-2020-090), BSP Deputy Governor Chuchi G. Fonacier said all of the BSP supervised financial institutions (BSFIs) should “ensure that timely and appropriate consumer protection and redress mechanisms are in place” in order to “preserve the banking public’s trust and confidence in digital financial services.” As such, BSFIs have been “strongly advised” to do the following: consumer assistance helpdesk or hotline that are available 24 hours a day and seven days a week; increased surveillance on online banking systems/activities during holidays or long weekends; facility to timely block/suspend accounts reported by clients/concerned parties or those tagged as fraudulent or suspicious; and procedures to resolve disputes arising from the use of the digital financial