Don't sweep dirt under the rug

As phishing, money muling and other online scams surge, the Bangko Sentral ng Pilipinas has strengthened its authority to access and share financial account information without violating laws on bank secrecy and data privacy.

- 

Under its Circular 1214, the Bangko Sentral has authorized its Consumer Account Protection Office to look into e-wallet, bank and other financial accounts suspected of being used in financial and social engineering scams. In issuing the circular, the BSP has invoked the Anti-financial Account Scamming Act or Republic Act 12010, which was enacted in July last year.

A regulatory body needs utmost credibility, with its members seen as honest, dedicated and competent public servants. Exemplary behavior is expected particularly of the BSP and its policy-making body, the Monetary Board, whose officials are the highest paid in the Philippine government.