BSP has observed an increase in hacking and malware attacks by 2,324% and an increase of 302% in phishing and social engineering schemes between 2019 and 2020. Credit card frauds rose by 21% since 2020. All this resulted in a loss of 2 bn pesos. In March 2022, BSP issued Circular No. 1140, Series of 2022 – Amendments to Regulations on IT Risk Management – to strengthen cybersecurity measures to minimize losses in the financial ecosystem and increase consumer confidence in electronic finance.
The circular details important requirements to be followed by Philippines FIs while implementing a Fraud Management System (FMS) –