A network of digital advocates urged Banko Sentral ng Pilipinas today to require online banks and e-wallet platforms to implement stronger security protocols as more consumers fall victim to unauthorized transactions.
Digital Pinoys national campaigner Ronald Gustilo said that more security features should be added to mobile banking and e-wallet apps to ensure that account holders will not fall victim to unauthorized transactions easily.
“BSP should require online banks and e-wallet providers to roll out an additional layer of verification so that consumers will be more secure. While it may cause a little delay and inconvenience to the consumer because it may entail an additional step before a transaction is finalized, it will be a whole lot safer for them. In account security, it should always be security and safety over convenience.”
Recently, account holders from Maya have complained of experiencing unauthorized transactions after they received text messages with links supposedly from Maya. The links took them to a fake Maya website where they were asked to log in.
“After the users logged in, all their money was lost. Some users even complained that the criminals used the loan feature of Maya and Maya Bank. Not only did they lose their money, they are now afraid that they will have to pay for the loan which they have not used.”
Gustilo said that Digital Pinoys has received dozens of complaints, which they will be coordinating with relevant government agencies.
“We are hoping that BSP will raise this concern with the online banks and the e-wallet platforms. We also urge the government to immediately investigate the continuous prevalence of unauthorized transaction incidents hounding e-wallet platforms.”
Reference: Ronald Gustilo, Digital Pinoys, National Campaigner
