Senator Mark Villar on Tuesday cautioned that SMS-based one-time passwords (OTPs) are no longer sufficient to protect Filipinos from online fraud, as the Bangko Sentral ng Pilipinas (BSP) pushes for stronger security measures among banks.
Villar said the BSP’s directive highlights growing vulnerabilities in SMS OTP systems, particularly amid rising cases of phishing, SIM swapping, and account takeovers.
“As Principal Sponsor and Author of the Anti-Financial Account Scamming Act, I welcome this move by the BSP. This is an important step toward making digital banking safer for everyone,” Villar said.
He noted that as financial transactions increasingly shift online, cybercriminals have become more advanced, making older authentication methods less reliable.
“Lahat po ng transaction ay digital na, pati na din ang panlilinlang ng mga scammer at hacker, kaya po napapanahon ang hakbang na ito ng BSP upang mas gawing ligtas at mapangalagaan ang transaksyon ng mga kababayan natin online,” Villar said.
The senator emphasized the need to adopt more secure alternatives such as biometrics and app-based verification to keep pace with evolving cyber threats.
“Patuloy nating babantayan ang pagpapatupad ng batas na ito upang matiyak na ligtas ang pera ng ating mga kababayan at napapanagot ang mga gumagawa ng panloloko,” he added.
Villar reaffirmed his commitment to overseeing the implementation of safeguards under the Anti-Financial Account Scamming Act to ensure stronger protection for the public.