BPI says consumer education key as scammers grow more sophisticated

• Photo courtesy of BPI

Consumer education should be the first line of defense against increasingly sophisticated and organized scammers, as closer cooperation among consumers, banks, regulators and government becomes more important in addressing digital fraud.

Speaking on the sidelines of BPI’s fourth Cybersecurity and Consumer Protection (CyberProtect) Conference, Bank of the Philippine Islands president and CEO Jose Teodoro Limcaoco said cyber protection is a shared responsibility that cannot be left to financial institutions alone.

IN PHOTO (From left): BPI president and CEO Jose Teodoro Limcaoco; DICT Secretary Henry Aguda; and NPC Commissioner Johann Barcena

“Well, cyber security, cyber protection is a responsibility of everyone, not only the bank, but also the consumer, the regulators,” Limcaoco said.

He said scammers are becoming more sophisticated and organized, making coordination among consumers, financial institutions, regulators and government increasingly important.

Limcaoco said the response should begin with consumer education, followed by stronger systems within banks and closer work with regulators to ensure scammers who are caught are prosecuted.

“So it’s a total cooperation amongst these three players. But to me, the most important first is education,” he said.

He added that consumers need to understand their vulnerabilities and responsibilities, while institutions and government must also do their part in preventing fraud and pursuing perpetrators.

The CyberProtect Conference, held at Fairmont Makati, gathered participants from government, law enforcement, banking, academia and local communities.

IN PHOTO: BPI officials and speakers during the BPI’s fourth Cybersecurity and Consumer Protection (CyberProtect) Conference.

Now in its fourth year, the conference carried the theme, “Defend As One: Building a United Front Towards Consumer Protection,” highlighting collective action across sectors in safeguarding Filipino consumers and strengthening trust in the financial system.

Among the other speakers were Bangko Sentral ng Pilipinas Deputy Governor Bernadette Romulo-Puyat, Department of Information and Communications Technology Secretary Henry Aguda, National Privacy Commission Chairman Johann Barcena, and Atty. Chris Jark Ace Maño of the Department of Justice Office of the Cybercrime Prosecutor.

The event also featured a roundtable discussion with Aboy Paraiso, executive director of the Cybercrime Investigation and Coordinating Center (CICC); Jocel de Guzman, co-founder of Scam Watch Pilipinas; and Fitzgerald Chee, BPI head of Consumer Platforms.

IN PHOTO (from left): Jocel de Guzman, co-founder of Scam Watch Pilipinas; Aboy Paraiso, executive director of the CICC; and Fitzgerald Chee, BPI head of Consumer Platforms.

Discussions covered cybersecurity policies, national cyber defenses, data privacy protection, fraud prevention, cybercrime prosecution and cooperation among institutions involved in protecting consumers.

BPI said the annual conference aims to raise awareness and strengthen consumer protection against evolving cyber threats, as digital fraud increasingly requires a coordinated response from consumers, financial institutions, regulators and government.