Tighter KYC measures now in place – Bangko Sentral

The Bangko Sentral ng Pilipinas (BSP) on Monday assured the public that Philippine financial institutions are now imposing stricter know-your-customer (KYC) protocols, in the wake of the recent hacking which leaked personal data of millions of voters.

In an interview with Kara David on GMA News' "News to Go," BSP Core Information Technology Specialist Group Head Mel Plabasan said banks have strengthened their KYC measures to avoid cases of identity theft after the recent "Comeleaks."

Hackers broke into the Commission on Elections (COMELEC) website and exposed the personal information of millions of registered voters.

The stolen data from the COMELEC was reposted on Thursday, April 21, as a searchable database on an independent site.

Banks are now cross-checking the identity of new customers with other institutions, on top of the 11 fields of information required to open an account, Plabasan noted.

For existing clients, customer sales associates are now going beyond asking for "static information" such as the maiden name of the applicant's mother, address, and birth date.

Banks are now asking for previous transaction details to verify the identity of account holders.

Plabasan emphasized that clients must change passwords regularly and avoid online transactions using a public network or unsecure Wi Fi.

"It has become dangerous these days to divulge too much information," he said

The BSP on Friday issued a memorandum ordering all financial institutions to strengthen KYC practices.

"Customer identification procedures of BSFIs (BSP-supervised financial instititioins) that rely on static information which may be obtained from the disclosed Comelec records should be supplemented by requests for additional proof or secondary information to establish the true identity of new and existing clients,” BSP Deputy Governor Nestor A. Espenilla Jr. said. –  Jon Viktor D. Cabuenas/VDS, GMA News