BSP Governor Benjamin Diokno stated Friday to further “strengthen” the monetary authority’s ability to enact on cybersecurity threats.
Hackers previously transferred $81 million from Bangladesh Bank’s account at the New York Federal Reserve to a branch of the Rizal Commercial Banking Corp in Makati City considered the largest cyber heist on record, central bank increased cyber protocols in 2016.
“Knowing that IT security issues have systemic implications, the BSP, under my leadership, shall continue strengthening the BSP’s ability to address these threats,” Diokno added ,”I see these multi-faceted undertakings ultimately benefiting the Filipino people with stable prices and a sound financial system that ably manages funds entrusted to it by savers and investors.”
The country was tiered the world’s third most affected in terms of online bank fraud according from a 2016 study by Trend Micro, a known internet security firm.
Local banks recently adopted from magnetic stripe cards with chip-based ATM tech to bout schemes. Followed by other lenders earlier expressing the likelihood of integrating biometrics in transactions to combat against fraudulent online acts.