BIZ BUZZ: Scams use BSP logo, fake signatures
The Bangko Sentral ng Pilipinas (BSP) is once again sounding the alarm over scams that misuse its label and name-drop its officials to peddle bogus financial products and services.
The BSP said fraudsters are luring victims with falsified documents bearing the BSP’s name and logo, or forged signatures of its officials, to create the impression that the offers are officially issued or endorsed by the central bank.
Among the fake papers circulating are so-called “assurance letters,” “Security System IT Department Renewal Request for OTP PIN Code with TSS,” “Confirmation of Beneficiary Bank,” “Terms of Loan Contract,” as well as fabricated certifications related to loans, deposits, withdrawals, fund transfers, credit cards, money changing, investments or insurance.
The BSP warned that these schemes often go beyond forged paperwork, with scammers attempting to harvest personal and financial information such as bank account details and passwords. Victims are also pressured to make advance payments, usually accompanied by an unusual sense of urgency.
To avoid falling prey to fraudsters, the BSP urged the public to be wary of loan advertisements promising low interest rates and flexible payment terms supposedly “approved” or “guaranteed” by the central bank, as well as urgent requests for fees to release loan proceeds or “complete the process.”
The BSP advised Filipinos to watch out for telltale signs of scams, including poor grammar, misspellings and incorrect agency names or logos.
Anyone who receives such fraudulent communications should ignore the sender and refrain from sharing personal or financial information, the BSP said, adding that incidents should be reported to the central bank. If an account has been compromised, affected individuals are advised to immediately contact their bank or e-money issuer through official channels and report the incident to the police or the National Bureau of Investigation.
