The Bangko Sentral ng Pilipinas (BSP) has issued a critical warning this February as part of its #BSPSecuriTips campaign, targeting the rise of "love scams" during the heart-filled month. These scams, often involving emotional manipulation to extract money from victims, are becoming increasingly prevalent, prompting the central bank to urge the public to exercise extreme caution in online interactions, especially those involving financial requests.
Understanding Romance Scams
Romance scams, also known as "love language" frauds, exploit emotions to deceive individuals into sending money or providing financial assistance. According to the BSP, scammers frequently use online platforms to build fake relationships, gradually introducing monetary demands. This trend spikes in February, aligning with Valentine's Day, when people may be more vulnerable to such tactics.
The #CPR Strategy for Safety
In response, the BSP emphasizes the #CPR method—Check, Protect, Report—to ensure safer banking practices. Check involves verifying the identity of online contacts and scrutinizing any financial requests. Protect focuses on securing personal and account information through strong passwords and authentication measures. Report encourages immediate notification of suspicious activities to authorities or financial institutions.
Enhanced Cybersecurity Initiatives
To bolster defenses against these threats, the BSP recently launched the Financial Services Cyber Resilience Plan (FSCRP). This initiative aims to strengthen the cybersecurity frameworks of banks under its supervision, enhancing their ability to combat cyber threats effectively.
Additionally, starting June 25, 2026, all BSP-supervised banks will implement phishing-resistant authentication using the FIDO Suite. This mandate, aligned with the Anti-Financial Account Scamming Act, is designed to provide an extra layer of security, making it harder for scammers to access accounts through deceptive means.
Public Advisory and Final Reminders
The BSP reiterates its call for vigilance, advising the public to avoid sending money to individuals met online without thorough verification. Key recommendations include:
- Use robust authentication methods for all financial accounts.
- Monitor account activities regularly for any unusual transactions.
- Report any dubious behavior promptly to help prevent further incidents.
By combining public awareness with technological advancements, the BSP aims to reduce the impact of love scams and other financial frauds, safeguarding the financial well-being of Filipinos.
