The SIC, Lebanon's Financial Intelligence Unit (FIU), receives, analyzes, investigates suspicious transaction reports (STRs) and ensures compliance of banks, financial institutions and other reporting entities with the AML/CFT regulations.
MANILA, Philippines - The Bangko
Sentral ng Pilipinas (BSP) has cautioned consumers against identity theft amid
rising incidents of cyber attacks in the country.
The BSP, through the Financial
Consumer Protection Department of the Supervision and Examination Sector (SES),
has issued an advisory on how to deal with identity theft.
Identity theft or stealing of
personal information to commit fraud is a crime that could seriously undermine
a person’s finances, credit history and reputation.
“Increasing public awareness on
frauds such as identity theft is an essential component of the BSP’s financial
consumer protection agenda. A well-informed citizenry is essential to
maintaining financial stability, which is a key policy objective of the BSP,”
the central bank said.
The BSP is advising the public to
change their passwords, security questions relating to their personal
information, ATM and online access if they think their personal information has
Likewise, the BSP also urged
victims of identity theft to immediately contact their creditors and financial
institutions if their personal information were used without their consent.
Victims who discover that accounts
have been created under their names without their knowledge should also
immediately inform their creditors and banks.
Furthermore, the BSP said victims
of identity theft should file a complaint before the Philippine National Police
(PNP) or the National Bureau of Investigation (NBI).
“The victims should likewise file a
complaint before the PNP- Anti-Cybercrime Group or the NBI Cybercrime Division
and keep a copy of the police report. Said report may be needed for the
investigation of the identity theft,” the BSP said.
The bank regulator pointed out
financial consumers should cooperate with banks by providing additional
information to improve the security of their accounts and to actively safeguard
personal information protect themselves from identity theft,” the central bank
BSP deputy governor Nestor
Espenilla Jr. earlier said the bank regulator is now working on supplemental or
additional regulations to further strengthen and increase the level of maturity
of Philippine banks and other financial institutions.
“Financial institutions everywhere
are routinely being attacked by cyber criminals. So the important thing is the
quality of the cyber crime prevention programs that is why we are trying to
strengthen the defenses. The best thing to do now is to make the system strong
to prevent breaches,” he said.
Last February, hackers attempted to
steal $1 billion from the accounts of the Bangladesh Bank at the Federal
Reserve Bank of New York through fake SWIFT messages.