Nd 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 This 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 Diokno , Bangko Sentral , Information Technology Risk Management Framework , Fraud 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 Thursday , Sp 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 Systems , S Well As Their Anti Money Laundering System , Uot 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 Program , E Said The Circular Is Expected To Lessen Losses From Fraud And Cybercrimes , Nd 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 This , He Bsp Shall Continue To Engage With Relevant Stakeholders Ensure That Policy Frameworks And Supervisory Actions Are Effective Responsive Amida Fast Evolving Cyber Security Environment , Uot Diokno Said He Digital Payments Adoption In The Country Continues To Broaden Through Sustained Growth Use Of Interoperable Facilities , Uch As Electronic Funds Transfer Facilities Pesonet And Instapay , He National Qr Code Standard Called Ph , Nde Gov Pay , A Web Based Facility That The Public Can Use To File And Pay Contributions Payments Of Government Loans , Mong Others Diokno Said That From 21 8 Million Transactions Amounting To Php1 3 Trillion In 2021 , He Volume And Value Of Pesonet Transactions Reached 26 4 Million To Php1 9 Trillion , O Date He Said Instapay Volume As Of End April This Year Grew By 32 7 Percent To 166 Million From 125 Transactions In The First Four Months Last Quot Rising Use Digital Payments Helps Us Move Closer Towards Our Goal Havinga Cashlite Society , Uot He Added Diokno Said The Central Bank Quot Continues To Ensure That Systematically Important Payment Systems Or Sips , Hich Eventually Facilitates The Settlement Of Digital Payments Among Banks , Ollow Standards , Hich Are At Par With Global Practices To Ensure Safety And Reliability Quot Pna ,