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BSP Reminds the Public to Always Protect Pin and Password

08.23.2016

The Bangko Sentral ng Pilipinas (BSP) reminds financial consumers to always protect their personal identification number (PIN) and password against identity theft.

To guard against identity thieves, the BSP advises financial consumers to always select a PIN or password that is easy to remember but is not based on obvious personal information such as a birthday, an anniversary, an address or a telephone number.

The BSP also urges financial consumers to refrain from using easy-to-guess entries such as “password” or “123456.” To strengthen PIN and password, the BSP recommends the use of character combinations (e.g. symbols, punctuation marks, numbers, and uppercase and lowercase letters). As a further precaution, the BSP urges financial consumers to regularly and systematically change PIN and password.

Aside from the judicious selection of password and PIN, the BSP advises financial consumers to strictly avoid sharing said information to anyone, even with families and friends.

Moreover, the BSP advises the consumers to avoid using a single PIN or password for all their accounts as this will only make it easier for identity thieves to access financial information from said accounts.

The BSP promotes financial education and financial consumer protection in view of its belief that consumers who can make well-informed financial decisions are reliable partners in fostering Financial Stability.

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