BSP warns public against fake loan and fund transfer scams

1 of 2

MANILA — The Bangko Sentral ng Pilipinas (BSP) has issued a public advisory warning against fraudulent schemes that misuse its name, logo, and the signatures of its officials to deceive individuals into disclosing sensitive information or paying fake fees.

The central bank said these scams often come in the form of falsified documents such as “assurance letters,” “Security System IT Department Renewal Request for OTP PIN Code with TSS,” “Confirmation of Beneficiary Bank,” “Terms of Loan Contract,” and other fake certifications related to loans, deposits, fund transfers, credit cards, investments, insurance, and money changing.

According to the BSP, fraudsters misrepresent these documents as being issued or endorsed by the central bank and use them to falsely offer financial products or services, including low-interest loans and investment opportunities.

“These illegal financial schemes deceive the public by showing them falsified documents with the BSP’s name and logo, or the name and signature of a BSP official,” the central bank said in its advisory.

Scammers reportedly pressure victims with urgent requests for advance payments or access to personal financial information, such as bank account numbers, passwords, and one-time personal identification numbers (PINs), under the guise of fees for anti-money laundering clearance, taxes, or insurance.

The BSP emphasized it does not authorize or endorse individuals or entities to collect payments for such purposes.

It also reminded the public that legitimate financial regulators, banks, and law enforcement agencies do not solicit sensitive information via unsolicited phone calls, emails, or text messages.

To help identify potential scams, the BSP advised the public to watch out for the following red flags:

• Offers of loans with unusually low interest rates or flexible payment terms allegedly “approved” or “guaranteed” by the BSP;
• Sudden requests for payment to “release” loan funds or complete transactions;
• Documents such as “Confirmation of Beneficiary Bank” or “Assurance Letter” bearing the BSP’s name;
• Poor grammar, incorrect spelling, and the misuse of agency names or logos.

“If you receive such documents or communications, ignore them and do not engage with the sender,” the BSP advised. “Do not provide personal or financial information.”

The central bank urged the public to report any suspicious communications or documents to its Consumer Empowerment Group through bspmail@bsp.gov.ph or by calling (+632) 8811-1277 or 8811-1BSP.

If a financial account may have been compromised, the BSP recommended immediately contacting the bank or e-money issuer using official channels. Scams may also be reported to:

• Philippine National Police: https://pnp.gov.ph/contact-us-3/
• National Bureau of Investigation: https://nbi.gov.ph/report-to-nbi/