Connect with us

Hi, what are you looking for?


A shared responsibility between institutions, consumers

Digital payments are becoming a part of people’s lifestyles in the new normal as consumers are further adopting electronic wallets, online banking, and e-commerce platforms, to name a few. A survey by Mastercard across 18 markets globally show that 90% of the consumers were found to have tried at least one emerging payment type in the last year, while 60% would like to shy away from merchants who do not offer electronic payments of any kind.

Along with this increased adoption of digital payments, however, there is also a heightened concern over cybersecurity. Mastercard’s survey noted that one out of four consumers have experienced online fraud last year as a result of lockdowns during the pandemic. In addition, the Philippines was found by cybersecurity firm Kaspersky to have the highest number of users attacked by banking malicious software, particularly Trojans, accounting for 22.26% of all banking Trojans discovered in the Asia-Pacific this year.

How do authorities ensure safety in digital payments, so far? As law firm Disini & Disini explained in its Data Privacy Philippines website, the Bangko Sentral ng Pilipinas (BSP) provided several ways for consumers and users to be protected.

First, the BSP requires electronic money issuers (EMI) to maintain a record-keeping system for storing the e-money instruments issued, the identity of e-money holders, and individual and consolidated balances.

The BSP also requires EMIs to maintain a redress mechanism that would allow customers to file complaints. Moreover, these issuers, before they operate, should have minimum risk management systems and controls such as internal controls, properly designed-and-tested computer systems, appropriate security policies and measures, business continuity and recovery plans, audit function, and compliance with Anti-Money Laundering Act (AMLA) regulations.

“To bolster protection in cashless payments, [the] BSP has issued Circular No. 808 to tighten cybersecurity protocols. In order to manage IT risks and information security issues, [the] BSP requires EMIs to establish a robust IT Risk Management (ITRM) System that covers IT governance, risk identification and assessment, IT controls implementation, and risk measurement and monitoring,” the law firm added.

While these measures — and much more like one-time passcodes or two-step verification — essentially help, consumers themselves still have a responsibility to be vigilant and mindful of their transactions. This involves protecting their passwords; not sharing sensitive information; and being careful against frauds, malware, and other cyberthreats.

As the Financial Consumer Protection Department of the BSP advises in a primer, users should create and use a password that is long; cannot be easily guessed by anyone else; contains a combination of characters; and does not contain personal information such as birthday, name of partner or child, or mobile number.

To create a password that is difficult to guess but still easy to remember, the BSP suggests, think of a sentence or a phrase that can be easily recalled. Determine its acronym, then decide which characters can be changed to symbols or numbers. Then, determine which characters can be changed to uppercase, while still leaving some in lowercase.

In fact, the Federal Bureau of Investigation’s office in Portland, Oregon advises having “passphrases” instead of passwords. “Instead of using a short, complex password that is hard to remember, consider using a longer passphrase. This involves combining multiple words into a long string of at least 15 characters. The extra length of a passphrase makes it harder to crack while also making it easier for you to remember,” FBI Oregon wrote in an online column.

US-based Identity Theft Resource Center adds that consumers should enable all the security features in their devices (e.g., screen lock/biometric lock) to keep hackers from accessing their digital wallet or payment apps, as well as stealing log-in credentials or money. Consumers should also be on guard against unsolicited emails or text messages that ask the user to send money directly through a digital wallet or payment app; as well as “red flags” such as payments they did not make using their payment apps. — Adrian Paul B. Conoza

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



PAGCOR Chairman and CEO Andrea Domingo (right) and La Paz Mayor Venustiano Jordan unveil the marker of the newly built Multi-Purpose Evacuation Center. Being...


As President Rodrigo R. Duterte’s term ends today, we show how select economic, financial, and development indicators have changed throughout the years from his...


THE peso sank to the P55-a-dollar level on Wednesday — its weakest in more than 16 years — amid fears of a recession in...


(MAY 13, 2020) Houses are dwarfed by towering buildings of the Makati City skyline on a quiet Wednesday midnight as they government through the...


THE Philippine Ports Authority (PPA) has awarded more port projects, including the construction of a cruise ship port in Coron, Palawan province southwest of...


MORE Filipinos opened their own bank accounts at the end of last year, as many of them were forced to pay for services online...

You May Also Like


BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...


REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...


COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

Financial Advisors

The healthcare ecosystem is one that has thrived on the cusp of scientific progress, benefitting enormously from the winds of change in the technological...

Disclaimer: Respect, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.