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Philippines central bank governor warns against phishing as digital banking rise

Philippine Central Bank Governor Felipe Medalla affirmed the security of digital banking in the country, but urged account holders to guard against phishing scams. He cited recent incidents involving digital service provider GCash, where approximately PHP37m was transferred without consent due to phishing, not hacking. Medalla highlighted that the security of a digital wallet also depends on the owner's discretion in not sharing one-time passwords. The central bank is promoting digital transactions and aims to increase digital payments to account for around 50% of all transactions by the end of this year. Data shows that digital payments rose by 30% in 2021 compared to the previous year.


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