Has the COMELEC hack made you paranoid about identity theft?
We all have to be smarter than those hackers.
(SPOT.ph) The Bangko Sentral ng Pilipinas has warned banks and the public to be vigilant in spotting potential identity theft following a security breach on the Commission on Elections website in March.
"If the [Commission on Elections (COMELEC)] database that was reportedly leaked is indeed authentic, definitely ang information contained in that database can be a good starting point for identity theft," Bangko Sentral ng Pilipinas (BSP) Core IT Specialist Group Head Mel Plabasan told GMA News.
The BSP recently issued a memorandum advising financial institutions to bolster their “know-your-customer” practices. It said all BSP-supervised financial institutions must ask for additional proof to ensure the identity of new and existing customers.
Inquirer.net also reports that big banks have assured their clients about the safeguards in place to protect transactions.
“Our protocols require us to go beyond the usual static information, such as complete name and birthday. We ask for other information that only the clients are expected to know,” according to BPI in the report.
Meanwhile, a Citi representative in the report remarked: “The best measure against fraud is for consumers to stay vigilant. It’s critical for clients to ensure their contact information is updated, allowing us to reach them via landline, mobile phone, and e-mail to verify transactions."