BSP warns public: Don’t fall for scams using its name

MANILA — The Bangko Sentral ng Pilipinas (BSP) issued a public advisory on Jan. 19 warning against fraudulent financial schemes and impersonators misusing the institution’s name, logo, and identity to scam individuals into sending personal funds.

In its statement, the BSP reiterated that it does not engage in personal financial transactions, such as deposits, withdrawals, or money transfers, on behalf of any individual or institution.

“The BSP, its offices, and employees do not engage or assist the general public in deposits, withdrawals or transfer of money from or to personal accounts,” the advisory stated.

The central bank advised the public to ignore any individual or entity claiming to be a BSP employee or representative, particularly those who reach out regarding complaints about banks, e-money issuers, or financial services.

Concerns involving BSP-supervised institutions should be reported directly through the BSP Consumer Assistance Mechanism. If the issue involves a bank, consumers are advised to contact the bank through its official communication channels.

The BSP warned that scammers may present falsified documents bearing the BSP’s logo and name, or pose as BSP personnel via email, text messages, or phone calls. These fraudsters may also falsely claim they can create financial accounts for victims.

“They often attempt to obtain their victim’s personal information—such as bank account details, passwords, and other confidential data,” the BSP noted. “They often ask for advance payments or fees, with an unusual sense of urgency”.

The BSP stressed that it will never request the public to transfer funds or make payments for anti-money laundering clearance, taxes, insurance, or any other fabricated charge.

To avoid falling victim to such scams, the BSP advised the public to:

• Ignore individuals or entities claiming affiliation with the BSP;
• Never share personal or financial details; and
• Avoid clicking on suspicious links, as BSP regulations prohibit banks from sending clickable links via SMS, email, or messaging apps.

The advisory urged the public to report incidents immediately to the BSP by emailing bspmail@bsp.gov.ph or calling (+632) 8811-1277 or 8811-1BSP.

If personal financial accounts may have been compromised, individuals should contact their respective bank or e-money issuer without delay.

Fraud attempts can also be reported to law enforcement through the Philippine National Police (https://pnp.gov.ph/contact-us-3/) or the National Bureau of Investigation (https://nbi.gov.ph/report-to-nbi/) .

The BSP reiterated its commitment to public safety and financial integrity, urging citizens to remain vigilant and report suspicious activities through official channels.