System downtimes, breach of consumer information confidentiality, unclear charges and fees are among the issues that can erode public confidence in the POS system. We therefore enjoin our ATM consortia, as well as other financial institutions, to adopt appropriate measures and controls to mitigate such risks.
One of your priorities should be an information campaign to ensure that customers are properly informed on how they can perform POS transactions safely and securely, as well as the possible risks involved. Customers must also be informed about all applicable fees associated with the use of other networks’ POS terminals, in accordance with existing BSP regulations on e-money and consumer protection.