Tetangco Assures The Security Of BSP Website
In accordance with Tetangco, hackers failed to attempt on destroying the website security of Banko Central ng Pilipinas (BSP) also this is not the first time that happened to overcome the same threats.
“There have been questions about attempts to hack the BSP website,” said Tetangco. He assures in the public that the website is an “up and running.”
According to the BSP chief regarding to its protection, they continue to follow security protocols and remain vigilant. Tetangco said, attempt on devastating the website of BSP is one of the routines they have been facing regularly, and was “always there.”
Also issued a warning on the escalating cyber crime SWIFT or known as Society for Worldwide Interbank Financial Telecommunication, provides a global financial network . There are reports saying that the protection is inadequate and the SWIFT network of Bangladesh Bank also a victim of cyber theft with the value of $81 million part of his account in the US Federal Reserve Bank.
Meanwhile, SWIFT recently conducted a business forum in Manila to discuss the issue in technology and compliance. In government parts, the BSP explained during the forum that they are currently preparing on transferring in National Retail Payment System (NRPS).
According to balita.net, Central Bank launched the NRPS last December and encouraging Filipinos to use the electronic payments in transacting for the following year. So far, 1% only of 2.5 billion payment transactions per month worth $74 billion was paid through electronic systems.
“With NRPS, we hope to see the one percent share of electronic payments increase to at least 20 percent by 2020,” said Tetangco.
According to the diagnostic report of Better Than Cash Alliance, the residual 99 percent was paid by cash or checks.
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