Consumers warned vs identity thieves

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The Bangko Sentral ng Pilipinas (BSP) on Tuesday reminded financial consumers to be vigilant against identity theft by always protecting their personal identification number (PIN) and password.

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“To guard against identity thieves, the BSP advises financial consumers to always select a PIN or password that is easy to remember but is not based on obvious personal information such as a birthday, an anniversary, an address or a telephone number,” it said in a statement.

The central bank urged financial consumers to also refrain from using easy-to-guess entries such as “password” or “123456.”

“To strengthen PIN and password, the BSP recommends the use of character combinations (e.g. symbols, punctuation marks, numbers and uppercase and lowercase letters),” it said.

As a further precaution, the monetary authority advised financial consumers to regularly and systematically change PIN and password.

Besides the judicious selection of password and PIN, the BSP reminded financial consumers to strictly avoid sharing PIN and password information to anyone, even with families and friends.

Moreover, it also urged consumers to avoid using a single PIN or password for all their accounts as this will only make it easier for identity thieves to access financial information from the accounts.

“The BSP promotes financial education and financial consumer protection in view of its belief that consumers who can make well-informed financial decisions are reliable partners in fostering financial stability,” the central bank said.

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