The Bangko Sentral ng Pilipinas (BSP) is encouraging individual consumers to be more proactive in protecting themselves from the different scams and frauds now rampant in the market.
The advice came as part of the BSP’s Alerto Ako Campaign, an information drive involving the holding of an exhibit of the advisories of the 10 most common and rampant forms of scams that consumers should be aware of and be prepared to handle.
The exhibit, which was launched yesterday and will run until Sept. 4, can be seen at the BSP Regional office at the corner of P. Del Rosario St., Cebu City.
“This campaign primarily aims to provide financial consumers greater awareness through advisories on various financial products and services; thus, empowering them to make informed financial decisions,” BSP Assistant Governor Johnny Noe E. Ravalo said.
Ravalo said the BSP held the first Alerto Ako exhibit in Cebu because of the high concentration of financial activities here.
The scam advisories include those for spoofing or those fraudulent websites that appear realistic; thus, misleading consumers in supplying their financial information.
There are also advisories for identity theft, credit card skimming, ATM skimming, text scams, phishing, Nigerian scam, Dugo-Dugo or Budol-Budol scam, spurious investments and pyramiding schemes.
Ravalo said these crimes show that the country’s financial market is very active.
Aside from the consumers, the BSP and the banks are also taking steps to prevent these kinds of scams on their end.
Ravalo said that they are starting to require improved IT standards starting next year including implementing “Triple Desk” or three layers of IT security before one can access an electronic device.
Banks are now also starting to use the chips in place of the currently used magnetic strips that can easily be copied.
“At least five banks that issue credit cards are now also using the chips for their cards,” Ravalo said.
He said that the banks need at least two to three years to get everything changed into a more secure system.
He added that there are three numbers that consumers need to really memorize.
“First is your banks costumer service number, then your account or credit card number and then the last two to three transactions made using your card,” said Ravalo.
He urged Cebuanos to visit the exhibit and know more about these scams.
“After here, we will launch this in our head office and then next year we’ll line up exhibits in different areas in the country — most preferably those areas with a high population,” he said.