BSP-Supervised Financial Institutions must treat any access to their digital infrastructure a suspicious access, such that it undergoes verification and security screening, which may involve biometric technologies or multi-factor authentication procedures. Nevertheless, we are aware that the most effective means to overcome cyberthreats is consumer literacy. Hence, the BSP, itself, has embarked on cybersecurity campaigns.
We have issued advisories to warn the public on emerging cyberthreats and scams. Indeed, the path towards digital transformation is like an uphill journey. 3/4  BIS central bankers' speeches  Each step requires collaborative engagement among stakeholders, including you as members of the Makati Business Club. Being prominent business leaders, you should spearhead wider adoption of digital payments in the business community.