BSP improves reporting procedure for cybercrimes
The Bangko Sentral ng Pilipinas (BSP) has enhanced the template that banks use when filing reports on crimes and losses (RCL) via electronic mail, which now includes an easier way for lenders to report cyber-related crimes.Deputy Governor Chuchi Fonacier signed Memorandum Circular No. M-2024-023 dated July 17, which ordered all BSP-supervised financial institutions (BSFIs) to use the revised RCL template starting Aug. 5.
One of the main enhancements to the template is the additional fields and changes related to the reporting of cyber-related crimes through the Advanced Suptech Engine for Risk-based Compliance (ASTERisC) of the BSP.ASTERisC is a cloud-based solution platform that BSFIs can directly access to transmit cybersecurity-related reports and information in real-time.
The platform supports the BSP’s end-to-end process on cybersecurity supervision and oversight to include cyber-profiling, cyber incident reporting and cybersecurity control self-assessments, among others.
Another revision is the expansion to nine-digit financial code—that is three-digit bank type and six-digit branch code.
Submissions using the old template will be rejected by the system and considered noncompliant with the BSP reporting standards beginning Aug. 5.
Latest available data from the BSP showed card-not-present fraud is the most common cyber incident in the country in 2022, accounting for 31 percent of such cases reported to the BSP by consumers.That translated to 5,211 incidents in 2022 wherein scammers obtained the victims’ crucial payment details without a physical card being presented to merchants to carry out fraudulent transactions.
