The Bangko Sentral ng Pilipinas (BSP) has issued an advisory urging the public to keep their e-wallets and bank accounts strictly for personal use, warning against allowing others to use them for financial transactions. The central bank emphasized that account holders bear full responsibility for all transactions made through their accounts, regardless of who initiated them.
Scammers Target Personal Accounts
According to the BSP, scammers often pose as legitimate individuals and ask to send or receive money through another person's account. Some even offer payment in exchange for access to an account. The BSP warned that such practices could expose account holders to fraud, financial losses, unauthorized transactions, and potential involvement in illegal money mule activities.
A money mule is a person who transfers or receives illegally obtained funds on behalf of criminals, often without fully understanding the consequences. The BSP reminded the public that the Anti-Financial Account Scamming Act (AFASA) penalizes the use of financial accounts for fraudulent or illegal transactions. Individuals who knowingly allow their accounts to be used for scams may face legal consequences under the law.
Legal and Financial Risks
The BSP stressed that account holders remain fully responsible for all transactions made through their accounts, even if they were not the ones who initiated them. The advisory highlighted that allowing others to use personal accounts may lead to financial losses and legal liability. The central bank also reminded the public that under AFASA, violators can face penalties for facilitating fraudulent activities.
Safety Tips from the BSP
To protect themselves, the BSP advised account holders to use their accounts only for their own transactions, avoid sharing account access, verify payment details before confirming transactions, and immediately report suspicious or unauthorized account activity. The BSP said, "If it's not your transaction, don't let your account be used."
The central bank encouraged the public to remain vigilant and practice safe digital payment habits to help prevent scams and financial fraud. By keeping accounts personal and reporting suspicious activity, individuals can help curb the rise of financial scams in the country.
