BSP warns against money mule scams

The Bangko Sentral ng Pilipinas urged the public not to allow other people to use their e-wallets or bank accounts for transactions that are not their own, warning that doing so may expose account holders to fraud, financial loss and possible legal liability.

In a public advisory dated June 22, 2026, the BSP said scammers may pretend to be legitimate users and ask to use another person’s account to send or receive money, sometimes in exchange for payment.

“Do not be deceived,” the BSP said in the advisory.

The central bank said bank and e-wallet accounts are personal and that account holders are fully responsible for all transactions made through their accounts.

The BSP said allowing others to use an account can lead to fraud and financial loss.

It also warned that account sharing may result in unauthorized transactions.

The central bank said account holders may also become involved in illegal “money mule” activities.

Under the Anti-Financial Account Scamming Act, allowing an account to be used for scams or illegal transactions is punishable by law, the BSP said.

The law, Republic Act No. 12010, defines and penalizes financial account scamming and other offenses, including money muling and social engineering schemes.

The Supreme Court’s eLibrary version of the law states that a person may be considered a money mule when involved in obtaining, receiving, depositing, transferring or withdrawing proceeds known to come from crimes, offenses or social engineering schemes.

The BSP told the public to use their accounts only for their own transactions.

It also advised account holders not to share access or allow others to transact on their behalf.

The central bank reminded the public to always verify details before confirming payments.

It also urged consumers to immediately report suspicious or unauthorized activity.

“If it’s not your transaction, don’t let your account be used,” the BSP said.

The advisory comes as digital payments continue to expand in the Philippines, increasing the need for stronger consumer vigilance against account misuse and online fraud.

AFASA was enacted as part of efforts to address scams that exploit bank accounts, e-wallets and other financial accounts to move illicit funds.

“Stay alert. Stay protected. Use digital payments safely,” the BSP said.