Pandemic-related lockdowns have created so much demand for fast, efficient and safe financial transactions that one e-money issuer saw a 1,000 percent year-on-year increase in remittances, the Better Than Cash Alliance has said. In addition, phishing incidents remained the top cybersecurity concern for BSFIs last year, it added. Its cybersecurity surveillance, the BSP added, includes monitoring potential attacks that may have geopolitical motivations. "Moreover, we continue to engage and have a healthy dialogue on cybersecurity promotion and operational resilience with supervised institutions, other financial regulators and other stakeholders." It aims to address fraudulent payments and financial transactions that involve two or more institutions such as those in multilateral clearinghouses and exchanges.

Source: Manila Times June 02, 2021 16:52 UTC