February 21, 2024

DTI, BSP Says E-Wallet Users Should Practice Cyber-Hygiene Proving SIM Card Registration Law Has Failed Its Purpose

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In this November 20, 2023 article for Manila Bulletin, Ma. Joselie Garcia reports on the latest statement from the Department of Trade and Industry (DTI) and the Bangko Sentral ng Pilipinas (BSP) urging users to be careful in handling their e-wallet accounts.

According to the article, the BSP is already offering financial literacy workshops, cyber hygiene talks, and lectures on cybersecurity. Meanwhile, digital payment platforms have implemented multi-factor authentication and AI-based anti-fraud tools to improve their security.

Editor’s Note: The Philippine government promised that the SIM card registration law will ensure safe online transactions and the elimination of online scams.

Where is that promise now? If in the end cybersecurity is dependent on individual users, what’s the purpose of forcing people to give out our personal data which are accessible to foreign companies? [Read Raid on Cyberscam Network Proves SIM Registration Is A Failure, DICT: Identity Theft Used to Forge IDs for SIM Registration. Also read this article from Aljazeera, Philippines’ crackdown on anonymous SIM cards prompts backlash].

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