Passwords ain’t enough: BSP advises use of multi-factor authentication for online banking services
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Passwords ain’t enough: BSP advises use of multi-factor authentication for online banking services

With cyber criminals constantly finding ways to steal money from bank clients, the Bangko Sentral ng Pilipinas (BSP) is urging the public to take advantage of multi-layer security features to protect their online accounts.

The central bank said using one-time PINs, approval codes, and face or password access will help strengthen cyber security.

“The BSP encourages digital financial consumers to enable multiple layers of security features, including multi-factor authentication (MFA), for online transactions in BSP-Supervised Financial Institutions’ (BSFIs) digital platforms,” it added.

MFAs include one-time PINs, biometric authentications, and mobile banking PINs (MPIN).

“Authentications are sent through SMS, e-mail, or phone call. Enabled notifications will promptly alert the individual if a transaction was completed,” the BSP explained.

Another reminder from the central bank: Do not post confidential personal information online, such as addresses and birthdays, for better security.

 

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