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BSP Issues Advisory Against Identity Theft

06.17.2016

The Bangko Sentral ng Pilipinas (BSP) issued an advisory on how to protect oneself against identity theft. 

Identity theft or stealing of personal information to commit fraud is a crime that may seriously undermine a person’s finances, credit history and reputation.

If a person thinks that his/her personal information has been compromised, the BSP advises the public to change their passwords, security questions relating to their personal information, ATM, and online access.

On the other hand, if the personal information of a financial consumer has been used without consent, the victim should immediately contact his/her creditors starting with the creditor where the fraudulent transaction took place; financial institution where s/he has accounts subject of identity theft, and when the victim discovers that an account has been created under his/her name without his/her knowledge.

The victim should likewise file a complaint before the PNP Anti-Cybercrime Group or the NBI Cybercrime Division and keep a copy of the police report. Said report may be needed for the investigation of identity theft.

The BSP also reminds the financial consumers to cooperate with their banks when the latter ask for additional information to improve the security of their accounts, and to actively safeguard personal information to protect themselves from identity theft.

Increasing public awareness on frauds such as identity theft is an essential component of the BSP’s financial consumer protection agenda. A well-informed citizenry is essential to maintaining financial stability, which is a key policy objective of the BSP.

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