Filipinos who fall victim to financial scams should immediately secure their accounts, preserve evidence and report the incident to financial institutions and authorities, a Bangko Sentral ng Pilipinas (BSP) official said.
Alvin Tolosa, deputy director of the BSP’s Consumer Protection and Market Conduct Office, advised the public to follow the A.L.E.R.T. steps to prevent further losses and help authorities investigate financial fraud.
The advice comes as a BSP survey found that 77% of Filipinos had encountered financial fraud or scams, while 30% said they had lost money to such schemes in the previous 12 months.
Scams can range from fraudulent investment schemes promising unrealistic returns to romance scams that exploit victims’ emotional relationships to obtain money.
Tolosa said victims should first *avoid further contact* with scammers, stop sharing personal information and refrain from clicking links or scanning QR codes they send. Attempting to negotiate with or confront scammers could expose victims to further losses and compromise more personal information.
The next step is to *lock accounts and devices* to prevent unauthorized access. Victims should check their online banking and e-wallet applications, as well as their social media accounts, for possible security breaches.
“Kapag nangyari na ‘yong scam or attempted scam, we recommend that you check your online banking or e-wallet applications, and social media accounts,” Tolosa said.
He also urged the public to avoid using simple passwords across multiple accounts and to enable two-factor authentication for stronger protection.
Victims should also *gather evidence* rather than delete messages, transaction records, phone numbers or accounts connected to the scam, Tolosa said.
Although some victims erase such information out of shame or a desire to forget the experience, preserving it can help investigators trace the transactions and identify those responsible.
Screenshots and other documentary records are particularly useful because they provide more reliable evidence than recollections alone, he added.
The fourth step is to *report the incident to the financial institution* involved, such as the bank or e-wallet provider that processed the transaction.
“The financial institutions are in the best position to review the transactions, secure the account that is subject to scams, take action on the reported scam, and prevent further movement of the account,” Tolosa said.
Reporting the incident does not guarantee that lost money will be recovered, but it can help institutions investigate suspicious transactions, secure affected accounts and prevent further losses.
Finally, victims should *tell the appropriate authorities* so the incident can be investigated and referred to the agency responsible for the type of fraud involved.
The BSP, Securities and Exchange Commission and Insurance Commission oversee financial services within their respective mandates. The Cybercrime Investigation and Coordinating Center handles coordination on cybercrime matters, while the Department of Trade and Industry and National Telecommunications Commission regulate businesses and telecommunications services, respectively.
The National Bureau of Investigation and Philippine National Police are among the law enforcement agencies that can investigate reported offenses.
Tolosa stressed that preventing and addressing financial fraud requires cooperation among government agencies, financial institutions and the public.
He encouraged Filipinos to report scams promptly and practice strong cybersecurity measures to reduce their risk of becoming victims.
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