Have you ever considered getting scammed by just scrolling through your social media feed?
It’s a scary thought, but it happens more often than you think.
Social media is a breeding ground for fake investment opportunities and phishing attempts designed to steal your hard-earned money.
But fear not!
The Bangko Sentral ng Pilipinas (BSP) is here to empower you with their financial CPR guide.
Just like CPR in a medical emergency, financial CPR equips you with the knowledge to Check, Protect, and Report and avoid falling victim to online scams.
The importance of “checking”
Scammers often target individuals with phishing messages that appear legitimate but contain links designed to steal personal information such as bank account details, passwords, and other sensitive data.
Hence, the first and most important step is “checking.”
Jim Ian Bautista, senior research specialist at the BSP North Luzon Regional Office, advised the public to always double-check the legitimacy of emails, particularly those containing requests for personal information.
“If you receive such a request, make sure to verify it to avoid falling victim to scams,” Bautista added.
By thoroughly checking or verifying the authenticity of communication, individuals can significantly reduce their risk of falling victim to phishing attacks and other scams that target personal and financial information.
“Protect” your personal information
The next step is protecting your personal information, as scammers attract individuals with too-good-to-be-true investment schemes or giveaways that require personal details.
Bautista emphasized the importance of being cautious when sharing personal information online.
“Do not disclose sensitive information such as your bank account numbers, passwords, or One-Time PIN (OTP) on social media or other unsecured platforms,” he advised.
While social media can be a useful tool for staying in touch, it is important to remember that not everyone online has good intentions, particularly when it comes to finances.
“Reporting” financial scam
Despite taking precautions, some individuals can still fall victim to scams.
In these cases, it is critical to report the fraud as soon as possible.
“If you think you’ve been scammed or experienced unauthorized transactions, report it immediately to your bank or e-wallet provider,” Bautista advised.
If the complaint is not resolved satisfactorily at the bank level, individuals can escalate the matter to the BSP.
BSP Online Buddy (BOB)
The BSP has an online chatbot named “BOB” on its official Facebook page at https://www.facebook.com/BangkoSentralngPilipinas.
BOB assists complainants by guiding them through the complaint process, providing a reference number, and ensuring that the case is followed up.
This comprehensive approach gives the public a direct line to report fraudulent activity while ensuring that complaints are addressed.
For any type of financial scam, the BSP encourages the public to speak up and report the incident to protect themselves and others from similar situations.
BSP’s continued efforts to educate and protect the public
As more individuals use social media for financial advice and transactions, financial literacy and awareness become even more important.
Bautista stated that while social media can provide opportunities for financial growth, it also poses risks.
Bautista assured that the BSP is educating the public about financial scams and enhancing financial literacy through seminars, in collaboration with other agencies, to help individuals in making sound financial decisions and avoiding scams.
In a world where digital transactions are the norm, organizations such as the BSP play a crucial role in protecting consumers.
By following the lessons of checking, protecting, and reporting, the public can confidently navigate the ever-changing landscape of social media and financial decisions. (AMB/JCDR/PIA Pangasinan)
