BAGUIO CITY (PIA) — Check before you transact, protect your personal and financial information, and report suspicious or unauthorized activities immediately.
This reminder came as the Bangko Sentral ng Pilipinas warned against fraud and scams that BSP North Luzon Regional Office Director Noel Neil Malimban reiterated during the Department of Trade and Industry (DTI-CAR)-led Kapihan media forum on October 28.
Malimban warned that scammers usually manufacture urgency to push victims into sending money or sharing account details without verification. “When it’s too good to be true, it probably is,” he said.
The BSP advises consumers to transact only through official channels and to avoid sharing one-time passwords, account numbers, or other sensitive information with unexpected callers or messages.
Where to seek help
Consumers who believe they have been scammed should first report the incident to their bank, e-wallet provider, or other concerned financial institution. The BSP said this first-level complaint is required before escalating the matter to the central bank.
If the financial institution fails to resolve the complaint, consumers may contact the BSP through BSP Online Buddy (BOB), an official chat channel available on the BSP website, BSP mobile app, and Facebook Messenger. Complainants should have their reference number from the initial report to the financial institution.
Legal safeguards
Malimban said BSP consumer protection is strengthened by Republic Act No. 11765, the Financial Products and Services Consumer Protection Act, which covers fair treatment, transparency, protection of assets and personal data, and timely resolution of complaints.
Republic Act No. 12010, the Anti-Financial Account Scamming Act, further strengthens protection against financial account fraud and penalizes money muling and social-engineering schemes.
For unresolved disputes, the BSP offers optional mediation and adjudication. Its adjudication jurisdiction covers purely civil financial claims of up to PHP10 million, giving consumers an alternative to filing a case in court for eligible disputes.
Shared responsibility
Malimban stressed that protection is a shared responsibility: financial institutions must act fairly, regulators must remain vigilant, and consumers must know their rights and exercise caution.
He also called on the media to help disseminate accurate information, expose fraudulent schemes, and guide the public toward safer financial decisions. **JDP/MAWC with reports from Carlito Dar, PIA-CAR
