Availability and Security of Digital Financial Services (DFS) and Automated Teller Machines (ATM) during Holy Week

OFFICE OF THE DEPUTY GOVERNOR FINANCIAL SUPERVISION SECTOR 019 MEMORANDUM NO. M-2021-____ To : ALL BSP-SUPERVISED FINANCIAL INSTITUTIONS (BSFIs) Subject : Availability and Security of Digital Financial Services (DFS) and Automated Teller Machines (ATM) during Holy Week In view of the observance of the Holy Week, BSFIs should ensure that essential financial and banking services are available to meet the needs of financial consumers. With the community quarantine protocols still in place in many parts of the country, BSFIs are expected to continuously monitor availability and security of their ATMs and digital financial platforms such as internet and mobile banking applications during the Holy Week. BSFIs should likewise monitor and maintain sufficient cash levels of their ATMs to be able to serve customers’ cash requirements. Furthermore, BSFIs are reminded to be on guard as cyberattacks and electronic fraud typically intensify during long weekends and holidays. Scheduled downtime or system upgrades within this period should be properly communicated to customers to enable them to adequately plan their financial transactions. Customers should also be reminded to be alert and immediately report to concerned BSFIs any unusual transactions or activities in their account. For any adverse events affecting availability and security of DFS, BSFIs are reminded to submit the necessary reports to the BSP in compliance with the reporting and notification standards under section 148 of the MORB and 147-Q/145-S/142- P/126-N of the MORNBFI. Digitally signed For information and guidance. by Chuchi G. Fonacier Date: 2021.03.29 18:29:03 +08'00' CHUCHI G. FONACIER Deputy Governor 29 March 2021 A. Mabini St., Malate 1004 Manila, Philippines • (632) 87087701 • www.bsp.gov.ph • [email protected]