BSP to credit card firms: Step up digital defenses amid rising cyber threats

Bangko Sentral ng Pilipinas (BSP) deputy governor Lyn Javier has urged credit card issuers to strengthen security measures as the industry’s rapid digitalization exposes consumers to growing online threats.

“Cyber fraud, identity theft, and unauthorized transactions have become more sophisticated. Locally, card-related complaints comprise 50% of total consumer concerns reported to the BSP, underscoring the need for responsible innovation, accurate and sound governance, robust risk management, and consumer protection,” Javier said during CCAP’s 45th anniversary celebration.

Javier said the BSP is working to balance innovation with accountability through policies that promote digital inclusion while managing risk.

“Credit cards are no longer just plastic cards. They are digital potentials, facilitating transactions in online marketplaces,” Javier added.

As of June 2025, the BSP reported a 30% increase in credit card applications, with billings up 28%, and credit limits expanding by 53% — the fastest pace since the pandemic. The central bank attributed the surge to improving consumer sentiment and growing comfort with digital finance platforms.

Javier said the Financial Products and Services Consumer Protection Act and the Anti-Financial Acount Scamming Act have strengthened the regulator’s ability to enforce consumer safeguards and penalize fraud.

Digital adoption in the Philippines has accelerated, led by millennials and Gen Z consumers shifting toward mobile-first banking and app-based credit solutions.

Source: Bilyonaryo