BSP orders banks, financial firms: Set up 24/7 fraud hotline

All banks and financial institutions offering deposits and investments are now required to maintain a 24/7 fraud reporting system as part of a new consumer protection law.

The Bangko Sentral ng Pilipinas (BSP) announced that this has been made mandatory by Republic Act No. 11765 or the Financial Products and Services Consumer Protection Act signed by former President Rodrigo Duterte in May 2022.

A circular issued by BSP details the additional duties on the part of all BSP-supervised firms offering deposits, investments, fund transfers, trust products, loans, payments, remittances, and other financial instruments to the public.

According to the central bank, the round-the-clock channel should accept all kinds of reports of fraud and misuse.

The same rules require firms to set up a “Consumer Protection Risk Management System” that provides for client data protection, responsible pricing, and cooling-off periods for newly-acquired investment products.

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