Aside from phishing or spear phishing campaigns and other cases of fraudulent activities highlighted in our advisories, BSP-Supervised Institutions have been warned to be on their guard against illegal schemes that exploit the changes in work arrangements, lifestyles or behavior of the public due to Covid-19.
While its role is diminishing, cash remains the main way people make retail payments in the euro area, and we will ensure that it remains widely available and accepted as a reliable payment instrument and store of value. These policies are being complemented with appropriate regulation capable of addressing the risks posed by new players while enabling innovation in financial services.