Rizal Commercial Banking Corporation An estimated 21.8 million PESONet transactions amounted to 1.3 trillion pesos in 2021. This has grown to 26.4 million transactions amounting to 1.9 trillion pesos in 2022. Transactions, investments, and other financial activities become more convenient and accessible as more institutions and consumers increasingly adopt digital payment methods. However, this also makes consumers more attractive targets for cybercrime. In response, the government and the Bangko Sentral ng Pilipinas (BSP) are intensifying efforts to protect consumers. Last year, the most commonly reported types of scams were phishing, card-not-present fraud, and identity theft. These crimes involve stealing sensitive information or tricking consumers into them. Scammers then use the information to access the victim’s financial accounts or make fraudulent transactions. Financial institutions have systems to protect consumers from these scams, and many scammers do not use any sophisticated tools. However, cybercriminals can still exploit naive individuals to get the information they need to commit fraud. The Top 3 Most Reported Scams in 2021 On May 6, 2022, President Rodrigo Duterte signed REPUBLIC ACT (RA) 11765, also known as the Financial Products and Services Consumer Protection Act. It protects financial consumers and helps ensure the products and services offered to them are safe and secure. RA 11765 empowers regulators of financial institutions to perform acts necessary for protecting consumers. This includes conducting market surveillance, provision of complaints handling mechanisms, and rule-making. Regulators are now able to impose enforcement actions on the organizations they supervise. This means financial institutions such as banks can now be required to implement specific security mechanisms. The Financial Products and Services Consumer Protection Act The BSP intensified its efforts to curb cybercrime. They called on the private sector to increase its vigilance against money laundering and terrorist financing activities. They also required the financial institutions they supervise to have an automated, real-time fraud monitoring system. With regulators strengthening their policies, the country may be able to expect a significant decrease in successful fraud attempts. Filipinos may be able to protect themselves better as financial activities become more accessible online. Bangko Sentral Strengthened Policies Against Cybercrime ht tps: / /www.pna.gov .ph /ar t ic les /1174309 ht tps: / /mb.com.ph/2022 /06 /01 /bsp- in tens i f ies -e f for ts - to -curb- cybercr imes/ ht tps: / /www.mani la t imes.net /2022 /06 /02 /bus iness / top- bus iness / the-new- f inanc ia l -products -and-serv ices-consumer- protect ion-act /1845874 ht tps: / /www.rcbc .com/corporate -check ing-account ht tp : / /www.cnnphi l ipp ines .com/news/2022 /5 /18 /Duter te - Republ ic -Act -11765 .h tml Sources :